Millennial takeover: Why Gen Y could become the most important generation – shocking data

Prince Harry speaks 'millennial' language says Street-Porter

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Population trends have been at the core of shaping societies since the dawn of time. Baby boomers were, until recently, the most prolific generation across all society, but now the millennial generation has taken over. Express.co.uk has analysed a breakdown of millennials by continent and examined what impact this might have on shaping society in the future.

What is a millennial?

A millennial is a term used to describe people born during a certain period.

Millennials are those born in the time period ranging from the early 1980s until the mid-1990s to the late 1990s.

Specifically, it accounts for an estimated 23 percent of the global population currently aged between 27 and 41 years of age, according to MSCI.

The more technical term for these people is generation Y – as they succeed generation X and precede generation Z.

Millennials are now the largest adult cohort worldwide with an estimated 1.8 billion people.

These individuals are born between 1980 and 1994 and are considered to be the most educated generation worldwide, with an estimated 25 percent having received postsecondary education.

This has also led to this age group having children later in life, according to HBR data released in June 2021.

Previously Baby Boomers were the largest generation in the world.

But as millennials get older and gain more earning power, it is believed they will hold increasing influence over society.

How society could change with a greater proportion of millennials

Healthcare, disease prevention and unemployment are of primary concern to millennials and Gen Z people, according to Deloitte’s 2021 Millenial and Gen Z survey.

In 2021, millennials were most concerned with healthcare and disease prevention (28 percent) and unemployment (27 percent) according to the report – both increasing from 21 percent in 2020.

Climate change, economic growth and crime/personal safety are also rated as primary concerns at 26 percent, 19 percent and 19 percent.

Economic growth also became a more pressing issue for millennials in 2021 – rising from 13 percent to 19 percent.

Climate change and crime/personal safety decreased from 2020 – dropping from two and three percentage points respectively.

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But how large are millennial populations by continent?

The population estimates are as follows, according to MSCiI and analysis of 2019 Revision of World Population Prospects, United Nations data:

  • Asia: 24 percent of the population – 1.1 billion people
  • Latin America/Caribbean: 23 percent of the population – 155 million people
  • Oceania: 22 percent of the population – nine million people
  • North America: 21 percent of the population – 76 million people
  • Africa: 21 percent of the population – 278 million people
  • Europe: 20 percent of the population – 148 million people.

Asia had the highest population of millennials with more than 1.1 billion in total.

In China, those under 40 own two-thirds of the nation’s passports.

Millennials and Gen Z are projected to make up 75 percent of the Association of Southeast Asian Nations (ASEAN) consumers by 2030.

Millennials in Africa were the second-highest cohort according to the report with Gen Y controlling 65 percent of Africa’s purchasing power through household purchases, valued at $845bn.

Across North America, millennials are forecast to see a 10 percent boost in spending by 2025, partly as a result of fewer millennials becoming parents.

One in three US millennials live with their spouse and a child, compared to 40 percent for Gen X.

In terms of gender, this is broken down as follows, according to analysis based on data from the Wittgenstein Centre Human Capital Data Explorer:

  • North America: Male: 42 percent – Female: 51 percent
  • Europe: Male: 36 percent – Female: 46 percent
  • Oceania: Male: 37 percent – Female: 44 percent
  • Latin America/Caribbean: Male: 18 percent – Female: 23 percent
  • Asia: Male: 21 percent – Female: 21 percent
  • Africa: Male: 13 percent – Female: 10 percent
  • World: Male: 22 percent – Female: 23 percent

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