Caveat: This post is a Baby Boomer reflecting on the rise of the Millennials generation. Millennials may, or may not, feel that reading this article is an exercise in mirror gazing.
Hmmm, as the torch passes from Baby Boomers to Millennials, what changes will we see?
Those of us in the Baby Boom generation, people aged 46 to 65, have long owned the distinction of being the largest of the generational cohorts coexisting in the population. But it seems we are surrendering our title to Millennials, people aged 18 to 34, who are redefining society in their own image.
Millennials are the first generation in history to have grown up with digital technology and this has shaped their identity and outlook on life. They are digital natives who cannot imagine being without technology whereas we Baby Boomers are digital immigrants who adapted, sometimes grudgingly, to the digital world.
A few other key characteristics of Millennials:
They are the most educated generation in Western history – convinced that education is a key to success in life and willing to acquire significant debt to earn their academic credentials.
Mobile technology is important to them and not just for fun and games. Yes, they are the most likely to have created a profile on a social networking site and to visit their page several times a day. But Millennials also use their devices extensively for research and education.
Millennials are entrepreneurial. They accept that the job for life is an outdated concept and aspire more to creating their own company than to climbing the corporate ladder.
So what does the rise of the Millennials cohort mean for society? The experts point to several key trends that are already beginning to take hold.
The death of suburbia. Success for Baby Boomers is a nice house in the suburbs. Not so for Millennials. They are drawn to cities and are willing to trade the dream of owning a home for the excitement of city life – even in notoriously expensive places to live like New York City where the median cost for an apartment is a whopping $3,900 per month.
The demise of shopping malls. Everything you need in one self-contained, mega building is losing its appeal. Millennials can and do shop for just about anything they need online. Hence, no need to flock to the mall on evenings or weekends.
Tough times for marketers. Conscious of unemployment, frozen wages and the scarcity of stable jobs, Millennials are frugal. Experiences – e.g. eating out and attending concerts – trump possessions. Living a minimalistic life is a conscious choice.
So as we Baby Boomers ride off into the suburbia sunset clinging to our cherished homes, Millennials are greeting the sunrise in the city and creating new metaphors for success and happiness. I say more power to them. The torch is firmly in their grasp.
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Tags: Baby Boomers · death of suburbia · digital immigrants · digital natives · metaphor · Michael Robert Dyet · MillennialsNo Comments