We try to stay on the bleeding edge of the curve of marketing. We are actively putting together content on the new massively online new buying habits of today's market. We found this article to be highly informative.
In addition, on a personal note, I am happy to be a member of one of these generations, not to mention I have a relatively new iPhone and a personal relationship with my home delivery FedEx driver.
Boomers, Gen X, Gen Y, and Gen Z Explained
What separates Generation Y from X, and is Generation Z a thing? How old is each generation? Are they really that different? It’s easy to see why there is so much confusion about generational cohorts.
If you’ve ever felt muddled by this "alphabet soup" of names…you’re not alone. The real frustration hits when you realize that Gen Y consumers will earn 46% of income in the U.S. by 2025.1 And unless you understand who they are and what they want, you won’t capture a dollar of their money. Furthermore, as one generation’s spending power decreases (i.e. Boomers) another is increasing.
People Grow Older, Birthdays Stay the Same
A common source of confusion when labeling generations is their age. Generational cohorts are defined (loosely) by birth year, not current age. The reason is simple, generations get older in groups. If you think of all Millennials as college kids (18 - 22), then you are thinking of a stage in life and not a generation. Millennials are out of college and that life stage is now dominated by Gen Z.
Another example, a member of Generation X who turned 18 in 1998 would now be nearly 40. In that time, he or she cares about vastly different issues and is receptive to a new set of marketing messages. Regardless of your age, you will always belong to the generation you were born into.
As of 2019, the breakdown by age looks like this:
Baby Boomers: Baby boomers were born between 1944 and 1964. They're current between 55-75 years old (76 million in U.S.)
Gen X: Gen X was born between 1965 - 1979 and are currently between 40-54 years old (82 million people in U.S.)
Gen Y: Gen Y, or Millennials, were born between 1980 and 1994. They are currently between 25-39 years old.
- Gen Y.1 = 25-29 years old (31 million people in U.S.)
- Gen Y.2 = 29-39 (42 million people in U.S.)
Gen Z: Gen Z is the newest generation to be named and were born between 1995 and 2015. They are currently between 4-24 years old (nearly 74 million in U.S.)
The term “Millennial” has become the popular way to reference both segments of Gen Y (more on Y.1 and Y.2 below).
Realistically, the name Generation Z is a place-holder for the youngest people on the planet. It is likely to morph as they leave childhood and mature into their adolescent and adult identities. Read More