Describe four generational cohorts that are of interest to marketers today.

Question

What will be an ideal response?

Answer 1

Today's marketers are interested in the 73 million baby boomers, the generation of children born between 1946 and 1964, who are retiring at a rate of 10,000 every 24 hours, and they will all be 65 or older by 2030. The baby boom cohort is followed by Generation X, which includes the 50 million people born between 1965 and 1976. This period is also known as the baby bust because the number of children born each year was declining. This is a generation of consumers who are self-reliant, supportive of racial and ethnic diversity, and better educated than any previous generation. They also have become the largest segment of business travelers. The generational cohort labeled Generation Y, or millennials, includes the 75 million Americans born between 1977 and 1994. This was a period of increasing births, which resulted from baby boomers having children, and it is often referred to as the echo-boom. Generation Y exerts influence on music, sports, computers, video games, and all forms of communication and networking. The post-millennial generation is referred to as Generation Z, which includes consumers born between 1995 and 2010. They embrace the broadest definitions of diversity and inclusivity to include race, ethnicity, the LGBT community, different body types, and those with physical challenges. They prefer a "natural" look, discover and learn online, and expect a seamless use of digital and physical aspects of the marketplace.