Millennials
Millennials
Who are the Millennials?
Millennials are a generational cohort(s) between Gen X and Gen Z. Millennials are the people born between the years 1981 and 1996. Most millennials are the children of baby boomers.
What are the other names given to Millennials?
Millennials are widely known as Generation Y or Gen Y.
Millennials are also termed at times as echo boomers being the children of baby boomers. And, the baby boomers are the only Generation officially declared by the US Census Bureau as having 19 years span and they are the post-World War – II birth years starting from 1946 till 1964.
Since the generation people became teenagers at the turn of the millennium, they have been known as millennials. And, the millennials have earned the unflattering label "Generation Me" in popular culture for being self-centered and obsessed with social media. Gen Y is the predecessors of Gen Z and the Successors of Gen X. Millennials are the people of the age group of 40+ now in the year 2022. But they are the generation who opened their eye when there was a family planning highlighted era and the people around the globe were seen into the diminishing marriage trends, this trend had been different at different places of the planet, though not in sub-continent or gulf, moreover the said trend was present in the developed world at the times when millennials were in their teen ages that are the years starting from 1993 onwards.
Sometimes Gen Y is also termed as Digital Natives as they were the young people exposed to the very start of the internet and they have witnessed throughout the development of the digital era globally - often called hi-tech improvisation track.
Generation Y or Millennials are the humans who faced the great recession in their early labor market job entrance days when they were young enough and have witnessed yet another economic decline in the form of the COVID-19 Global Pandemic.
The book written by William Strauss and Neil Howe Generations: The History of America's Future, pages 1584 to 2069 (year - 1991) and Millennials Rising: The Next Great Generation. The authors in 1987 coined the name millennials.
Few journalists call them millennials and the others as Gen Y, the successors of Gen X, and exposed to networking worldwide. Millennials are also termed as The Me Me Me by Time magazine in 2013. They were also famously known as Generation Next and/or the Burnout Generation.
Boomerang Generation or the Peter Pan Generation is also the name given to Millennials by the then American Sociologist Kathleen Shaputis. The said names are after the rituals of millennials for being longer with their parents than preceding generations. The significant alterations in society in terms of change in status leaving one group and entering another, and the defining principles of adulthood are the keynotes for Gen Y identification by Brigham Young University in Provo, Utah, United States.
Millennials are the consumers of the sharing economy, which is defined as the lessening trend towards the single ownership of the assets and rather they believe in shared ownership access to the needs. They feel reluctant to buy cars, homes, and luxury items more so often. They compare prices because they are in access to the information regarding brands, quality, quantity, consumer reviews, and so on.
The impact of the millennials on the world economy is a great deal because they are the people who have been the eye witness of the economic commotion, technological variation across the globe, political campaigns and their performance, societal chaos, and antagonism between the countries on several geostrategic issues, and the globalization trend change worldwide, hence their experiences to deal with the social, economic, political, and technological alterations are rich and never be sidestepped anyway.
Research about the Millennial / Gen Y
Following is the research domain in terms of Gen Y / the Millennial Generation:
- Pew Research Center of Washington DC USA declared in their issue of July 2020 that United States Millennial(s), with the aging, have the affinity towards favorable views regarding foreign countries as well as foreign institutions.
- The largest cohort in US history is the millennials so far making a total number of people equally near to 92 Million in comparison with Gen X as 61 Million and Baby Boomers as 77 Million. This is in terms of being the first digital natives, connectivity and social, lesser money spending trends, debt full; and having differential priorities.
- Research shows that 57% of in-store millennials compare the price lists of products and services before they buy so. Rather they spend on health-related information looking for healthy food, exercising, going to the gym, lessening smoking, and smart eating habits than preceding generations.
- 83% of the people studying in 12th grade had a declining trend in the year 2013, for the likeliness of smoking people at the age of18 and above who utilize one or more packs of cigarettes a day, from the 69% in the year 1998. In other words, people studying in the 12th standard had started disliking smokers - a great deal.
- As per December 2021 published research for millennial consumers shopping online, it is found and reporter based on pragmatism and empiricism that the millennial generation is affected by their impulse for buying on the internet and they are more tend towards the faster results to get as compared to their previous generation. Millennial Gen is a strong customer for digital content as well.
Related: Gen Z