Who are the Boomers, Gen X, and Millennials. Does it really matter?
November 6, 2020
Times are always changing but you can really tell the difference between how your parents grew up, how you grew up, and if you have kids, how they are growing up. From hobbies and interests, saving and spending money, to jobs and retirement, their has been so many different events that have shaped each generation.
Why are generations labeled?
Each labeled generation covers about a 20 year range. You’re probably wondering, how someone born in 1946 can be grouped in the same category as someone born in 1964.
The reason for keeping data and comparing each generation is to identify major differences in cultural beliefs, economic habits, and overall to better understand the major behavioral differences between generations.
Check out these cool graphics from Kasasa that show who belongs in the generations and some events that shaped the outlook of of each group.
Born post WWII, the boomers are well known for a start of a cultural change. Some major events that shaped the identity of this generation was Woodstock, the beginnings of Civil Rights Movements, Economic growth, JFK assassination, and Rock ‘n Roll.
When you take a look at the events that occurred during those times, you can see why Boomers are often characterized as driven, questions authority, and optimistic.
With the most amount of wealth of the other 2 generations, we are seeing a lot of their money going towards student loans (paying for children’s education) and money being saved.
Many Americans are exceeding their retirement funds so Boomers are making sure their retirement fund are going to be enough and more.
Generation X, are also commonly referred to as the Latchkey generation, meaning that many of them growing up would come home from school to an empty home due to both of their parents out working.
It’s no coincidence, this generation is characterized as independent, hard working, self sufficient, and skeptical. They were shaped by many events but most known events were Watergate, Challenger explosion, and the beginnings of the famous music channel, MTV.
They are now likely to be raising a family currently with kids and a mortgage, they are working towards financial security for the future. Studies found Gen X to be the biggest spenders in the Entertainment industry today covering a wide range of sub categories but some included sports, media, electronics, sporting and music events.
For a deeper look at the studies and breakdowns of each category, check out this article from Marketing Charts!
Millennials were born in the 90s and entering a new millennium were mostly influenced by the rise of the internet , 9/11, and the ’08 recession. They are often characterized as creative, outspoken, entrepreneurial, and collaborative.
Early on when Millennials began to enter the workforce, they received a lot of slack from the older generations for their different outlook and attitude in the work environment.
With the rise of the internet came social media and a breadth of business possibilities because it opened a whole new way of communication with the rest of the world right in the comfort of your home.
It’s not the whole story
When you take a quick glance at some of the events that happened throughout the respective generations, its easy to assume you now know everything about someone who was born in a different generation from you.
Although each generation went through their own experiences, it doesn’t tell the whole story of who they are. The events that took place in each generation may have been different but everyone went through the ups and downs of what came their way.