BEYOND THE STEREOTYPES
A checklist for analysing generations
WHATEVER HAPPENED TO MILLENNIALS?
Old, boring and ignored
MILLENNIALS
Old, boring and ignored
MILLENNIALS
Old, boring and ignored
Who are they?
Millennials were born between 1980 and 1995, making them 31 to 46 years old today. The name originates from the fact that the oldest members of this group turned 20 in 2001, the start of the new millennium. By extension, the label applied to all people born in the subsequent 15 years, in order to give it a span comparable to the one assigned to Boomers and Gen Xers. So, although so many of us use the term frequently in our work, we should remind ourselves that this 15 year generational time period is purely arbitrary!
How it started
This is the generation who grew up and started to mature with the internet and mobile phones by their side. Old enough to remember a time before the world was constantly connected, they’ve seen the switch from dial-up modems to Wi-Fi, from mobile phones to smartphones and from internet messaging boards to the birth of social media via MySpace, Facebook and Twitter. They were also graduating from university and entering the workforce as the 2008 financial crisis hit.
We do need to remind ourselves that this 15 year generational time period is purely arbitrary!
They were the future once
Like the generations that went before them – and the Generation Z who followed them, they received a lot of attention in the media and in marketing circles as they entered adulthood. Much of it was critical. And not that much of it was based on fully-rounded evidence. The question of just what are the 'Millennial Myths and Realities' was one of the driving forces of Ipsos’ initial work on generations a decade ago.
How it's going
As they grew older, interest in Millennials started to wane. Attention turned to Gen Z. The conversation online is a case in point. Analysis from Google Trends reveals that searches about Gen Z are now twice as popular as searches about Millennials.
Millennials in numbers
Back in 2017, brands, journalists and commentators were captivated by Millennials. Today, attention has firmly turned away from Millennials towards Gen Z
Image from Ipsos' Millennials Myths and Realities Report (2017)
Interest in generations over time (search term analysis)
Source: Google Trends https://trends.google.com/trends/explore?q=%2Fm%2F0134kj,%2Fm%2F03xvj3&date=all&legacy&hl=en Note: Numbers represent search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. A score of 0 means there was not enough data for this term.
Why you should be paying attention, even if they're boring
The median person in the world today is a 31-year-old Millennial. They are currently the largest generation across the world's largest 20 economies. They have spending power. In countries representing 77% of global GDP, the median inhabitant is a Millennial.1
Median age by country
Source: United Nations, Department of Economic and Social Affairs, Population Division (2024). World Population Prospects: The 2024 Revision, custom data acquired via website.
of the population of G7 countries are Millennials.
Average age: 42 years
Where and when you were born matters
While the rise of technology and the financial crisis shaped Millennials everywhere, context remains everything. Millennials growing up in different countries around the world have also been shaped by cultural events unique to their local region.
For Millennials in the US it was 9/11 and the beginning of the War on Terror, Millennials in Eastern Europe experienced the wake of the fall of the Berlin Wall and the collapse of the USSR, Millennials in South Africa witnessed the transition from apartheid to democracy, while Millennials in many countries in Latin America grew up in households affected by hyperinflation and during the rise of 'the pink tide' and left-leaning governments.
Millennials' reputation is now that of a highly resilient but exhausted demographic. They are the generation that entered adulthood during constant regional turbulence (hyperinflation in Argentina, social uprisings in Chile and Colombia, political crises in Brazil and Peru). People recognise that despite doing everything 'right' (getting university degrees, learning English), they are largely locked out of the housing market and traditional pensions.”
Jean-Christophe Salles CEO for Latin America, Ipsos
Developing A Millennials User Guide
Our report illustrates that, just as with Gen Z (or Gen X and Boomers for that matter), Millennials are not a monolithic group. Some of this is about life stage. Significant differences in outlook and financial status exist between a 31-year-old and a 45-year-old, as well as those differences between different educational and economic segments.
Our report also encourages us all not to be constrained by artificial generational constructs. In the UK, for example, we noticed that Millennials and younger Gen Xers have the largest share of disposable income. Perhaps we should be simple, bolder and clearer and say: “it’s the 30-50 age group we need to target for my category!”
Significant differences in outlook and financial status exist between a 31-year-old and a 45-year-old.
In the UK, despite their challenges, Millennials (and younger Gen Xers) have the largest share of disposable household income
Source: ONS. Families and households in the UK: 2022.
Thought starters
Don't get hung up on generations
Is 31-46 really the age group that best captures your target audience?
Context matters
Have you identified the local cultural forces that you can leverage to communicate authentically with Millennials?
Are you following the fad instead of the money?
While the spotlight is on Gen Z, Millennials make up the largest cohort across the biggest economies.
Footnotes
1. United Nations, Department of Economic and Social Affairs, Population Division (2024). World Population Prospects: The 2024 Revision, custom data acquired via website.
