Key Difference – Baby Boomers vs Millennials
Generational differences are fascinating to compare and contrast, and sometimes the results can be surprising. Such differences have consistently been the focus of various researchers, particularly in terms of understanding how spending patterns and work values have evolved over time. Baby boomers and millennials are two prime examples to compare generational differences. The main distinction between baby boomers and millennials is that baby boomers are individuals born between 1946 and 1964, whereas millennials are individuals born between 1982 and 2004.
Key Takeaways
- Baby boomers are individuals born between 1946 and 1964.
- Millennials are individuals born between 1982 and 2004.
- Major differences between the two generations include use of technology and the role of women.
Who are Baby Boomers?
Baby boomers is a term used to describe individuals born between 1946 and 1964. As of 2016, these individuals have reached the ages of 52 to 70; thus, they represent the retired and close to retirement age.
E.g. As per estimates, almost 75 million baby boomers have reached retirement age as of 2015 in the United States.
The generation of baby boomers began soon after World War II ended in 1945, and the world experienced a significant increase in birth rates. During the boom, nearly 77 million babies were born in the United States alone, amounting to almost 40 percent of the American population. This large growth in population stimulated the disrupted economies due to war by creating a considerable rise in demand for consumer goods and employment.
Traits of Baby Boomers
Below are some of the notable traits of baby boomers:
- Competitive and Objective Oriented: Baby boomers are competitive and highly motivated towards career progression.
- Independent: Baby boomers are independent and self-assured. They are said to be more independent than millennials, partly because they were raised during an unsettled time in history.
- Resourceful: Baby boomers were raised in an era where resourcefulness was a necessary trait and at a time where technological advancements that are present in modern days were not available. As such, they were taught to obtain the maximum benefits from limited available resources.
Who are Millennials?
Millennials is a term used to describe individuals born between 1982 and 2004. These oldest of these individuals have reached the age of 34, while the youngest of this generation is of age 12 as of 2016. Millennials are also referred to as Generation Y.
E.g. Millennials have surpassed the population of baby boomers in the United States where the number is reported to be exceeding 75.4 million
One of the most notable factors that distinguish millennials from baby boomers is the massive technology use of millennials. The Millennial generation is said to be the first to be born into a wired world, where they are ‘connected’ 24 hours a day. While smartphones are now common across all age groups, the highest usage belongs to millennials.
With many millennials entering the workforce by obtaining employment, they directly contribute to the economy. Spending patterns and trends of this workforce have to be closely monitored by businesses since they are different from former generations. The tendency towards online purchasing by youngsters is evidenced by a number of market research, which is significantly higher than non-millennials. Millennials are also the most educated generation in Western history, with many individuals owning bachelor’s degrees, master’s degrees, and professional qualifications. The increase in demand for private education has increased at high levels within a short period of time as a result.
What is the Difference Between Baby Boomers and Millennials?
- Baby boomers are individuals born between 1946 and 1964, while millennials are individuals born between 1982 and 2004.
- Use of technology is significantly low with baby boomers, while millennials are a technology-savvy generation who use technology products heavily.
- In the generation of baby boomers, women were encouraged to embrace their roles as wives and mothers with limited focus on careers, while in the generation of millennials, women increasingly pursue educational and career goals.
Summary – Baby Boomers vs Millennials
The difference between baby boomers and millennials is that baby boomers are individuals born between 1946 and 1964, and millennials are born between 1982 and 2004. According to the above, it is clear that a number of differences exist between the two generations, especially regarding the use of technology and the role of women. Understanding these differences is very important for businesses since the purchasing patterns are directly influenced by generation-specific characteristics.
