Welcome to Generation Alpha: Definition, stats, predictions
Dubbed “mini-millennials," Generation Alpha is already turning heads. Here's what brands need to know about this up-and-coming generation.
In the ongoing conversation about generational dynamics, millennials have long taken center-stage. In fact, they’re the reason the generation before them, Gen X, so often feels overlooked. For the past 20 years, millennials have been credited with (and blamed for) making, disrupting and “killing” various industries, movements, and business models.
Now, marketers and business leaders are shifting their attention to the younger Gen Z. And despite their reputation as the “me generation,” millennials are actually fine stepping out of the spotlight.
But if your idea of millennials is still wrapped up in entitlement and avocado toast, you may want to set the record straight before locking their profiles down.
In 2024, these digital natives are entering middle age, and believe me, no one is more surprised by that than they are.
What’s my age again: Millennial definition, years, and stats
Millennials, also known as Gen Y or Echo Boomers, are typically defined as those born between 1981 and 1996 (making them 28 to 43 years old in 2024).
The sheer size of this generation is what initially captured people’s attention—they were second only to the Baby Boomers, until surpassing them in 2020 as the largest living generation in the U.S.
There are 72.24 million in the U.S. and 1.8 billion millennials around the world.
They emerged into a world transitioning from analog to digital. They grew up during the rise of the internet and social media platforms like Facebook (“TheFacebook” then), Twitter and MySpace. They came of age in the aftermath of 9/11 and the Great Recession, and are the first generation associated with overinvolved “helicopter parents.”
They experienced a cultural landscape vastly different from previous generations – one marked by globalization and connectivity – and it shaped their worldview and behaviors accordingly.
Millennial stats: The 411
- They put off major milestones. Millennials have been slower to get married, buy a house or have children than previous generations.
- They’re highly educated: 39% of millennials have a bachelor’s degree or higher (compared to 29% of Gen X and 25% of Baby Boomers)
- … but financially behind. According to US Census Bureau data, the median millennial household income was $71,566 in 2020. However, another study showed that they’re spending just over $70,000 per year. Student debt, inflation and multiple economic downturns have all contributed to this generation being in a state of constant financial catch-up.
- They still carry a lot of purchasing power. Representing approximately one-fourth of the US population and accounting for $6 trillion in global spending, they wield substantial influence across all sectors
- Despite their reputation for being lazy, 73% report working more than 40 hours a week (with nearly 25% working more than 50 hours a week)
The evolution of the millennial identity at work: We get knocked down, but we get up again
Amidst economic uncertainties and evolving career dynamics, millennials have carved out their niche in the modern workplace, leveraging their unique traits and talents to thrive in an always-changing environment.
But millennials have been called a lot of things over the years, especially with regard to how they work. Let’s take it from the top, shall we?
In their youth, millennials were written off as lazy, entitled and narcissistic, driven solely by instant gratification from dopamine hit to dopamine hit. No surprise for the first generation to grow up fully digitally connected. At the time, their fixation with technology was criticized as them taking shortcuts or refusing to “pay their dues.”
As they grew into adulthood, the narrative began to shift. Connectivity went from being a character flaw to a desired workplace asset.
Resilience, resourcefulness and innovation became the go-to watchwords from employers—especially in the wake of the 2008 recession, when they were being asked to do more with less.
Hustle culture leads to burnout
And for many millennials who couldn’t find work (or work that paid enough), that resourcefulness and innovation led to the next generational benchmark: the side hustle.
On the one hand, you have underemployed digital natives struggling to pay their bills or student loans. On the other hand, you have unprecedented technology and the gig economy making it easier than ever to monetize various hobbies, skills and talents ad hoc.
“Hustle culture” became associated with millennials, who are still more likely to work multiple jobs than any other generation.
It was the perfect plan: a way to make extra money on the side, while demonstrating your initiative and grit. But it came at a cost.
Today, millennials experience unprecedented levels of burnout, among other mental health challenges. It’s why they’re seemingly obsessed with work-life balance after years of operating with an “Always Be Hustling” mentality.
In her book, Can’t Even: How Millennials Became the Burnout Generation, Anne Helen Petersen writes:
“We were raised to believe that if we worked hard enough, we could win the system – of American capitalism and meritocracy – or at least live comfortably within it. But something happened in the late 2010s. We looked up from our work and realized, there’s no winning the system when the system itself is broken.”
Employee wellness: Always-on mentality gets cancel culture treatment
Employee wellness has become one of the most critical factors in business outcomes, as the always-on culture gives way to holistic approaches to work.
Leading the way, mindfully and with purpose
But make no mistake: millennials aren’t checked-out. If anything, the rampant burnout has actually led to a reckoning, forcing them to prioritize the things that matter most to them. And if that means setting stricter personal boundaries (i.e. not being available 24/7/365), so be it.
Millennials continue to challenge stereotypes and break barriers in their quest for success and fulfillment. As employees and increasingly as managers and leaders (more than one in four are in management roles), they advocate for workplace environments that support employee wellness and foster a sense of belonging.
They embrace flexibility and autonomy at work, opting for a more collaborative and fluid approach over versus traditional hierarchies. Shaped by their upbringing in the digital age, they’re naturally comfortable leveraging digital tools and platforms to streamline processes and drive innovation.
While millennials value work-life balance, they also prioritize personal growth and fulfillment, seeking opportunities for self-expression and creative expression.
This generation values meaningful work that aligns with their values and passions, driving them to pursue purpose-driven careers and entrepreneurial ventures.
How to manage millennials and Gen Z at work
Do you know how to manage Millennials and Gen Z at work? You should - they already make up almost half the full-time workforce.
Oops they did it again: Did millennials kill the midlife crisis?
While many millennials tend feel a bit like imposters just playing adults for fun, the fact remains that they’re now entering their 40s, and creeping ever closer to what most people consider middle age.
And for the #MillennialsofTikTok, this begs an important question: What will be the quintessential millennial midlife crisis? Will they even have one?
Gen Yers were quick to point out that they aren’t financially stable enough for the traditional sports car or extravagant vacation. Moreover, they’ve lived through crisis after crisis for such a sustained amount of time that frankly, they’re probably just craving stability at this point.
TikTok user @miriam_tinny breaks down several insights from this New York Times article, digging deeper into the millennial midlife dilemma:
Basically, while midlife crises are typically a response to a sense of boredom and numbness with the monotony of adult life, millennials have yet to experience that monotony.
We’ll tell you what we want, what we really, really want… with our dollars
As the largest and most diverse generation, millennial consumers have been disrupting the consumer landscape for years now. They grew up being told to “put their money where their mouths are,” and they took that to heart. Now, they prefer to support companies and brands that align with their values and principles.
No strangers to voting with their wallets, here are a few insights to glean from millennial shopping and spending behaviors:
- They value experiences over things. 78% of millennials are more likely to spend on travel, dining out, or other experiential activities over products.
- They’re conscious consumers who prefer to support companies that demonstrate a commitment to social responsibility and sustainability. 75% say they consider sustainability when shopping for clothes, and 65% say they’ve boycotted a brand that took an opposing stance on an issue important to them.
- They want brands to take a stance. They prefer brands that have a clear purpose (beyond just selling products and making money).
- Millennials are increasingly shopping via social media platforms like Instagram and TikTok, with many making purchases directly through those channels.
- They love personalized experiences that feel tailored to them—whether it’s a skincare routine finder or Spotify Wrapped playlist. (Remember, this is the generation that gets dragged for still being obsessed with their Hogwarts houses.)
- They love a “little treat”: 74% of millennials say they make frequent or occasional impulse purchases—compared to 69% of Gen X, 63% of Gen Z, and 53% of baby boomers. And as much as they’d love to blame the effectiveness of Instagram ads, they’re nearly just as likely to make impulse buys on their phone as they are in store (48% and 49%, respectively).
Mid-life millennials: Destiny is calling
Despite enduring stereotypes and misconceptions, the millennial generation has emerged as a driving force in society and commerce, transforming business and challenging traditional norms.
From their commitment to sustainability and social justice to their focus on mental health and wellbeing, they continue to learn-as-they-go and redefine what’s expected.
Their empathetic nature and open-minded habits also influence their parenting style as they raise the next generation (Generation Alpha).
So yes, while they may be a little “cringe” at times, they’re doing just fine. And as they navigate the complexities of adulthood and leadership, they’re sure to leave their mark on what “adulthood” and “leadership” look like.
For now, though, they’re probably relieved to step out of the spotlight … for a little while, at least.
