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How Many Millennials Are There?
The New Boom Generation
Everyone is familiar with the “Baby Boomers,” the generation born between 1946 and 1964. It was that post WWII population explosion that fueled the economies of the western world ever since. The record demand for everything from homes to automobiles, furniture, appliances, clothing and soft goods resulted in unprecedented levels of employment and prosperity never before seen.
Following the boomer generation came Generation X (Gen-X), a mere fraction of the size of the boomers. However, the Millennial Generation (Millennials) is poised to be the largest generation ever, 80-90 million strong, depending upon what dates are used to define the generational timeline. This, combined with the effects of the very small generation-x population, will result in major implications for all aspects of the economy as the Digital generation begins moving into the workforce in record numbers.
For companies marketing to teens, there will be 35 million teenagers (12-19 years old) by 2010. Additionally, these teens have financial resources as never before. Today a typical teen has discretionary spending of $60-$100 per week. But, they are savvy buyers, who do NOT like be “SOLD.” They are totally “connected” by a wide variety of media, both print and electronic, which they consume voraciously. Totally connected, their “linked-in” network of friends is their peer review source of information validation for products and services that interest them. To effectively market to the echo boom generation, you must be successful in influencing their network peer group of friends.
