Multicultural Millennials The Multiplier Impact

Millennials are considered anyone who was born between the years of 1980-2000. Most other generations such as the Baby Boomers and Generation X look down upon millennials because of how the world reacts to millennials qualities. Baby Boomers was anyone born between the years 1946-1964, after World War II. They grew up in a time of radical changes within the world that destroyed the people’s trust in

This target market is outgoing, fluent in English, and highly value conscious3. They reside in urban areas with higher population densities and educational institutions. In terms of market segmentation, these young adults are the innovators and early adopters of new products and services. On a daily basis, being exposed to thousands of different messages makes them proactive and more aware of the world. They are heavily impacted by popular culture and being technologically savvy allows them to share their experiences on social media4.

Within the variables described above, age and race are emphasized in the article. This kind of Multicultural Marketing recognizes that different ethnic and cultural segments have sufficiently different needs and wants to require targeted marketing approaches, and that a mass market approach is not refined enough for such diversity. Multicultural marketing can result in different marketing messages, media, channels, etc.

largest generation. Due to its large size, the Baby Boom generation has had a significant impact on society, business, and the economy. The impact of the generation has been felt in all areas of consumer spending, from increased sales of baby products when they were young; to rising demand for houses as they set up their own households; to growth in retirement savings vehicles as they prepare for

Baby Boomers constructed America in the 1960s, and soon the Millennials will get their chance. Baby boomers are currently the largest generation of active workers. Research has shown that boomers identify their strengths as organizational memory, optimism, and their willingness to work long hours. Many earned, many still earn high incomes. The millennial generation, born between 1980 and 2000, are starting to enter businesses in large numbers. However, they do not have the same views and values when working compared to the Boomers. This Boomers grew up in organizations with large corporate hierarchies, and Millennials grew up with management structures and teamwork based job roles. By 2025, millennials will make up the 75% of the workforce replacing the Boomer generation. But, are they ready for the workforce and is the workforce ready for them? I think they would be ready if businesses are able to change and adapt towards them.

Howe, Neil, and William Strauss. Millennials Rising: the Next Great Generation. New York: Vintage, 2000.

A generation can be defined as the period, cohort or age of a group of people. Age is seen as the age that the persons were when particular transitions or events in life take place. Period can be defined as the overall experience of a person’s lifetime. Lastly, cohort can be seen as the overall grouping of people who have shared events during their formative years that more than likely contribute to like-minded behavior throughout the duration of their lives. There are currently four generations in United States society: Silent Generation, Baby Boomers, Generation X and The Millennials. The silent generation was born between the years of 1930 and 1945. Significant events during this time period include but are not limited to World War II and the Great Depression. The baby boomer generation was born between the years of 1946 and 1964. Significant events for this generation include the substantial growth of the middle class as well as economic prosperity. Generation X is born in the time period of 1965-1979, this generation was brought together by the big energy issue as well as the Vietnam War. Lastly the final generation that is currently in the workforce are the Millennials. This generation was born between the years 1980 and 2001, this group is brought together by the 9/11 terrorist attacks as well as the internet

turning out in today’s day and age. He goes on with facts and statistics to back-up himself for

This generation is the healthiest and longest generation living in U.S. history in U.S. history. Due to the, vast population growth this has transformed and shocked the U.S. economy, because Baby Boomers are living longer and saving less. The populous generation spending creates a demand in the economy and lowers interest rates.

Different groups in America are classified by the eras that they were born into. The active generations who had the great impact on society today are the Baby Boomers and the Millennials (Debevec, 2013). In between the baby boomers and the millennials are the Eco Boomers and the Gen Xers (Kennedy, 2000). According to population projections released by the U.S. Census Bureau, Baby Boomers are the generation defined by the boom in U.S. births following World War II. They were born in the years between 1946 and 1964 (Brownstein, 2012). On the other hand millennials are the generation born in the years between 1981 and 1997 (Brownstein, 2012). There are 77 million boomers and 82 million millennials (Fallon, 2015). Both generations overlap in time, and are linked in that most of the Millennials are generally the children of the Boomers, but they are actually completely different in economics, education, politics, and lifestyles (Fallon, 2015).

Currently, there are five main generations. Traditionalists are the oldest generation, being born between 1900 and 1945. They only constitute 5% of the current workforce, as most have retired (Wiedmer 2015, 51). The baby boomers are the oldest and largest generation currently in the workforce (Wong et al. 2008, 878). This generation was born following World War II between 1945 and 1964, with approximately 76 million individuals (Wiedmer 2015, 52). Generation X was born from 1965 to 1981 and is also known as the baby busters because their birth rates are vastly lower than the baby boomers (Wiedmer 2015, 53). Generation Y, or the millennials, was born between 1982 and 1995 and grew up in a very different time compared to their predecessors, with

About nine months after World War II, The largest generation was born. We called them the baby boomers. In 1946, 3.4 million were born, another 3.8 million in 1947 and more than 4 million every year from 1954 until 1964 when the numbers finally went down. The baby boomers made up 40% of the nations population and thats about 76.4 million of them in total.

“The number of employees over the age of 55 has increased by 30 percent; however, the number of 25- to 54-year-olds has only increased by 1 percent” (Claire, 2009). In 2008 the eldest of the 77 million baby-boomers turned 62. Estimates are that by the end of the decade about 40 percent of the work force will be eligible to retire. As people begin to reach the age of retirement there may be not be enough new employees to fill the gap (Clare, 2009). Companies need to find ways to attract Boomers and Millennials. Companies that want to attract Boomers and Millennials need to be creative in their culture, HR policies and work environments.

Multiculturalism is the occurrence of multiple cultures within one society, fundamentally due to the influx of immigrant societies, or the approval and encouragement of this occurrence. Many people have different views of multiculturalism. The people who have a negative view towards multiculturalism tend to argue against the uniting of a wide range of different cultures, races and faiths, in their points of view multiculturalism would be seen as a “mosaic” form, which tends to occur more likely in the US than in Europe, as it would fundamentally mean that they are putting races, religions and cultures into different groups, however they are not uniting as one society, another word for that would be integration. Whereas, the people that agree

According to recent research, Millennials (75.5 million) have edged out the Baby Boomers (74.9 million), who are retiring, as the fastest growing group in the United States, with Generation X lagging behind (66 million) (Fry, 2016). By the year 2020, Millennials will account for half of the workforce and their impact on the economic is contingent upon how the economy is doing at that time (Shin, 2015). The Education Testing Service found although Millennials are receiving more education than any other generational group, they may lose their competitive edge against international peers (Twaronite, 2015).