The Millennials—sometimes known as “Gen Y”—are the cohort born between 1981 and 1996. This generation now makes up the largest portion of the U.S. population. The oldest members of this generation are now entering their 40s and the youngest are in their mid-twenties. Many Millennials are now becoming the parents of a new cohort: Generation Alpha.

Millennials are the first digital natives and their early lives were shaped in part by the rise of the internet, social media, and smartphones. In addition to technological disruption, Millennials have faced economic upheaval. The most unlucky in this cohort have so far faced three recessions in their adult lives: the bursting of the Dotcom Bubble, the Global Financial Crisis, and the turbulence caused by the COVID-19 pandemic. This, combined with rising housing costs and tuition, have stunted this generation’s wealth accumulation thus far.

Millennials are famously blamed for “killing” everything from department stores to live TV. Indeed, as this cohort becomes more influential, they are reshaping a number of industries based on their evolving preferences and values.

As of 2021, Millennials make up 22% of the population. In our GPI, this segment of the population lags in the economic category but dominates the digital platforms portion of the Culture category.