Millennials, also known as “Generation Y”, are today’s 16- to 35-year- olds. This generation has a global population of over 2 billion, eclipsing that of Generation X and the Baby Boomers, at 1.4 billion and 1.2 billion respectively.
Millennials will soon begin to replace Baby Boomers as the main economic engine of wealth creation and consumer spending. They are likely to account for 75% of the global workforce by 2025, and as this group moves up the career ladder, their aggregate income and spending will become more substantial. The generation’s spending is predicted to increase by 17% over the next 5 years and their purchasing power will likely overtake Baby Boomers’ by 2018.