The Generation Of The World

1602 WordsSep 2, 20167 Pages
Generation XYZ 1 Introduction As the worlds population continues to increase; and our societies and economies continue to change, each generation that is born is raised in a vastly different environment to the previous generation and influenced by many different factors, and in some cases, revolutions. Baby Boomers, who grew up during a period of great relief and shopped largely on credit, do not have the same financial wariness that Generations Y and Z, who lived through the Great Recession, do. In addition, Baby Boomers and Generation X do not possess the same technological savvy as the Millennials and Generation Z. As a result, each generation develops unique cultural and social characteristics, and in turn, habits and demands of consumption and consumerism (WJ Schroder, s.a.). 2 Part One 2.1 Baby Boomers The term ‘Baby Boomers’ refers to the generation born directly after the second world war; between years 1946 and 1965. By 1964, there were over 76 million Baby Boomers in the United States alone, making them the largest generation in history. Today, those who make up the first wave of Baby Boomers will be over 60 years old - many of them already retired; while the remainder of the generation will be preparing for retirement (WJ Schroer, s.a.). The adults of the time, raising generation Baby Boomer, were keen consumers. Their indulgent spending habits lead to the culture of mass consumption which marked the 1950’s and 60’s. They lived largely off of credit in
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