Move over, baby boomers. The younger generation is taking over – at least in terms of population.
The latest US Census Bureau stats reveal that the much-analyzed baby boomers, those people born between 1947 and 1960 or so, are no longer the country’s biggest demographic. They’ve been replaced by a much younger cohort of people in their early twenties. And those changing demographics are affecting the economy – and US society – in a variety of ways.
According to a recent New York Times article, the latest Census Bureau numbers show that the biggest age group in the US is just 23 years old. And that’s followed closely by those a year or two older and younger – an increase that’s accompanied by a gradual decline in the numbers of baby boomers.
Who are these twentysomethings – and where do they fit in the traditional scheme of American life? They’re tech-savvy, less attached to traditional lifestyles, more idealistic and at the same time more cynical than their elders – and they’re not interested in key aspects of the “American Dream.’
Because many members of this generation are either in college or just graduated, they’re likely to be carrying a pretty heavy load of student debt. They’re probably still searching for a job in their field or serving an internship. Some are in the early stages of a career path.
What they’re not doing: committing. To much of anything. In general, this group is waiting later to marry, and when they do, they may choose to postpone having children or remain childless. Burdened by debt, they aren’t taking on loans for homes, cars and other items – even if they qualify for a mortgage.
They’re buying less, and buying differently, and retailers are dancing hard to keep up. And not surprisingly, they’re clashing with the working world, where traditional employers bemoan their lack of a “work ethic” and their inability to fit into the hierarchies of the mainstream business world.
What they are doing: renting rather than owning, sharing rather than acting individually, and paying less attention to the traditional structures of society. Mobile and unattached, twentysomethings are making a major ripple in the ever-expanding pool of renters in America – those who either choose not to buy a home, or who are locked out of the process for economic reasons. They’re also buying fewer new cars and major appliances, and opting for mobile technology whenever possible.
Those traits can benefit smart advertisers and investors, who can tap this expanding pool of young long–term renters, who just may be the key to building wealth for the long term –especially in rental real estate, just the way Jason Hartman recommends. (Top image:Flickr/parkerknight)
Source:
“Younger Turn for a Graying Nation.” New York Times Business Day. New Your Times. Nytmes.com. 23 May 2014
Read more from The American Monetary Association:
Yes, You Need a Personal Brand
Is Your Technology Controlling You?
The American Monetary Association Team
