IPSOS GENERATIONS REPORT 2024
IPSOS GENERATONS REPORT 2024
IPSOS GENERATONS REPORT 2024
Preface
Welcome to our latest generations report – following from our previous deep dives on Millennial Myths, Gen Z – more mild than wild – and The Perennials.
Media excitement over generational changes, as we noted previously, is often misleading or even wrong. Evidence and data matter. In this edition we have adopted an international lens, while also showing why we need to stay close to local, cultural and historical contexts. For example, the term 'Baby Boomers' may work in the United States and the UK, to denote people born in the decade after the Second World War. But if we go to Brazil, Nigeria or India, there was no population boom at this time. Where you were born and when you were born matters.
Experience tells us that coming up with genuinely useful - and valid - insights and analysis on these topics is not as easy as some journalists think. It is also rare we have the longitudinal data we would really need to describe generational change over time in a robust way. Looking forwards, we know of course that most predictions are wrong, not least in today’s 'polycrisis' environment. And this before we even consider the individual personal bias we all bring with us when we look at these topics. We are all, in different ways, products of our own cultures and contexts.
At the same time, one 'known known' is today’s dramatic demographic shifts. The prospect of global population decline from the middle of this century now looks irreversible. Declining populations are already the reality in over 30 countries, and fertility rates are falling even more quickly than predicted. Demography is already politics, and population change is a topic all of us in business need to prepare for.
All of this is a reminder that anyone looking at trends and generational change needs to ask some hard questions – as we do here. Have a look around – we look forward to discussing it all with you.
Enjoy your reading!
Ben Page Ipsos CEO
Key findings
We need to prepare for global population decline
The shrinking of population growth rates and the global population decline, set to begin from the middle of the century onwards, will have profound implications for workforce planning, pension systems, and economic growth. Adjusting to ageing populations and considering the potentially vast market of older adults, who control a significant portion of wealth, will be crucial for policymakers and businesses.
Gen Z is probably the first truly 'global' generation
Generation Z appears to have a distinct set of characteristics which transcend international borders. Better education and the use of the same social media are just two of the factors at work. They display higher levels of stress and loneliness, as well as a tendency to form relationships online. They exhibit more liberal social attitudes, although this comes with many caveats, with many nuances based on gender and geography. Understanding the unique attributes and behaviours of Gen Z is important for developing targeted products, services, and policies, as well as for engaging with this demographic in meaningful ways.
Cultural and national contexts matter a lot
The term 'Baby Boomers' and generational labels in general do not translate well globally. People in many countries are just not familiar with the terms being used so widely these days in business parlance. Not least because cultural and historical contexts significantly alter the collective experiences of generations. For instance, the extent to which there exists a 'baby boom' period, or even its mere relevance, varies greatly across different countries. Decision-makers need to tailor their strategies to reflect these nuances and avoid one-size-fits-all approaches when thinking about different generations and age groups.
Demography is already politics. Soon it will be a business issue too
Demographic changes are becoming a pressing political issue, akin to climate change, with debates surrounding overpopulation shifting to concerns about depopulation and its societal impacts. For businesses, demographic trends offer both challenges and opportunities, such as catering to underserved markets like the ageing population. There is mismatch between mature adults' considerable assets/buying power and the level of marketing attention they get, which often borders on neglect. Strategic planning must now account for these trends to ensure businesses are on a stable and sustainable footing for future growth.
Generalisations only take us so far. We need to embrace intra-generational diversity
It is crucial that we not only understand, but actively engage with the distinct characteristics and preferences of each generation. This extends to the implementation of tailored communication strategies, product development, and service delivery that resonate with the values and expectations of different age cohorts.
For people under 30, this might mean leveraging their digital fluency and commitment to social causes, while also taking into account their diversity, and their financial and mental insecurity. For mature adults, this might mean tapping into their financial stability and desire for products that align with a more active, health-conscious lifestyle, while also considering their preference for no-non-sense, frugal and practical propositions. Businesses and policymakers must foster genuine connections with these diverse generational groups to unlock their full economic and social potential. This requires a strategic shift from passive observation to proactive interaction, ensuring that every age group generation feels seen, heard, and valued within the marketplace and the political landscape.
Businesses and policymakers must foster genuine connections with these diverse generational groups to unlock their full economic and social potential.”
