2024 Generations Demographics: Size Your Brand’s Opportunities with Updated Demographic Insights
New American Community Survey data is here! Our analysis highlights evolving demographic and life stage shifts across core generations: Gen Z, Millennial, Gen X, and Boomer. Read on to learn more.
Americans across generations are continuously evolving as they shift into new life stages and encounter changing economic circumstances. Staying abreast of evolving generational demographics and identities is central to the success of every consumer brand in the United States.
Fill out the form to download an excerpt from our 2024 Generational Demographics and read below for all the latest insights.
In this updated edition of key demographic insights, we cover must-have generational demographic information from the latest release of the 2022 American Community Survey (an annual survey the U.S. Census Bureau conducts).
What surprised us:
For the first time, the majority of Millennials are now homeowners as opposed to renters. While the ratio of homeowners to renters still lags far behind that of older generations, this is a significant milestone for a generation that has faced great economic adversity over their lifespan.
Why it matters:
Millennials’ increase in homeownership is indicative of their evolution into a new stage of life, especially as this generation now makes up the majority of parents of kids under 18. Brands must recognize that, despite taking longer to get there than other generations, Millennials are finally firmly planted in traditional adulthood.
The Big Picture:
The monoculture is fractioning: Family life and adulthood are no longer “one size fits all”
- Key life milestones are coming later than ever. Many Americans are significantly delaying—and even opting out of—marriage and parenthood entirely. And they lag behind on achieving financial independence and homeownership, too.
- School debt and singleness impact spending power. Younger generations are more educated and more single than ever—hindering their spending power. Meanwhile, shifting retirement policies put economic pressure on the elderly.
Key Insight #1: Sizing
Know This:
Gen Z is driving greater diversity in the American population. They’re the first generation to reach 50% multicultural, and a third identify as LGBTQ+.
Do This:
- Look to Gen Z as your compass to stay ahead of the marketing curve and to guide your understanding of diverse (Multicultural- or LGBTQ+-led) trends and pop culture.
Key Insight #2: Spending Power
Know This:
The pandemic drove a surge in Baby Boomer retirement, yet there’s also a trend of older Americans working later in life. Many have continued in (or returned to) the labor force either out of necessity or preference.
Do This:
- Engage older Americans by recognizing the active lifestyles they now lead, while also empathizing with the economic pressures they face.
Key Insight #3: Life Stage & Milestones
Know This:
Young adults are now hitting key life milestones later in life than prior generations, including full-time work, financial independence, homeownership, marriage, and parenthood.
Do This:
- Help younger generations progress towards their goals that may feel out of reach, including offering specialized discounts or promotions for their cohort, or sharing educational resources.
We’re extremely excited about our research this year and we hope you feel the same way too! Contact us today to learn more.