The early part of the generation, born in the second half of the 1990s, were born during a time of declining birth rates; though the youngest of the generation were born during a baby boomlet linked to the Great Recession of the late 2000s.

Due to media attention, a variety of neologisms are used to describe Generation Z including Generation I, Generation Next, The Internet Generation, Net Generation or iGeneration. Within Strauss and Howe’s generational theory they are known as The New Silent Generation.

On the average they are highly connected, many having had lifelong use of communications and media technologies such as the World Wide Web, instant messaging, text messaging, MP3 players, cellular phones and YouTube, earning them the nickname “digital natives”. Generation Z have grown up in a world with in which single-parent families are commonplace, as well as two-income families.

The term has latterly been used as a generic shorthand for groups of young people disproportionately affected by economic shocks, often involving lengthy periods of unemployment, such as those affected by the Global financial crisis of 2008–2009. This is partly based on evidence that it can be difficult for those affected to get back into employment when economic activity picks up.

In general, baby boomers are associated with a rejection or redefinition of traditional values; however, many commentators have disputed the extent of that rejection, noting the widespread continuity of values with older and younger generations. In Europe and North America boomers are widely associated with privilege, as many grew up in a time of affluence.[1] As a group, they were the healthiest, and wealthiest generation to that time, and amongst the first to grow up genuinely expecting the world to improve with time.[2]

One of the unique features of Boomers was that they tended to think of themselves as a special generation, very different from those that had come before. In the 1960s, as the relatively large numbers of young people became teenagers and young adults, they, and those around them, created a very specific rhetoric around their cohort, and the change they were bringing about.[3] This rhetoric had an important impact in the self perceptions of the boomers, as well as their tendency to define the world in terms of generations, which was a relatively new phenomenon.

The baby boom has been described variously as a “shockwave”[1] and as “the pig in the python.”[2] By the sheer force of its numbers, the boomers were a demographic bulge which remodeled society as it passed through it.

In general, baby boomers are associated with a rejection or redefinition of traditional values; however, many commentators have disputed the extent of that rejection, noting the widespread continuity of values with older and younger generations. In Europe and North America boomers are widely associated with privilege, as many grew up in a time of affluence.[1] As a group, they were the healthiest, and wealthiest generation to that time, and amongst the first to grow up genuinely expecting the world to improve with time.[2]

One of the unique features of Boomers was that they tended to think of themselves as a special generation, very different from those that had come before. In the 1960s, as the relatively large numbers of young people became teenagers and young adults, they, and those around them, created a very specific rhetoric around their cohort, and the change they were bringing about.[3] This rhetoric had an important impact in the self perceptions of the boomers, as well as their tendency to define the world in terms of generations, which was a relatively new phenomenon.

The baby boom has been described variously as a “shockwave”[1] and as “the pig in the python.”[2] By the sheer force of its numbers, the boomers were a demographic bulge which remodeled society as it passed through it.

In the U.S. Generation X was originally referred to as the “baby bust” generation because of the drop in the birth rate following the baby boom.

In the 1991 book Generations, William Strauss and Neil Howe call this generation the “13th Generation” and define the birth years as 1961 to 1981 (the lowest birth rate year for this generation was 1971).

Using their methods, it is the 13th generation to know the flag of the United States (counting back to the peers of Benjamin Franklin). The label was also chosen because they consider it a “Reactive” or “Nomad” generation, composed of those who were children during a spiritual awakening.

Older generations generally have negative perceptions of Reactive generations—whose members tend to be pragmatic and perceptive, savvy but amoral, more focused on money than on art — and the use of 13 is also intended to associate this perception with the negative connotations of that number.

The authors highlight this negative perception by noting the large number of “devil-child” movies (e.g. Rosemary’s Baby) released soon after the first members were born, compared with more positive movies such as Baby Boom that were released when the first members of Generation Y were being raised.

Individuals considered to be within Generation X were born, and grew up during the later years of, and in the decade following the Vietnam War. They are most often linked to the presidencies of Ronald Reagan and George H. W. Bush.[9] Coming of age after the Vietnam War had ended, now in their 30s and 40s, their political experiences and cultural perspective were shaped by the end of the cold war and the fall of the Berlin wall. Growing up in an historical span of relative geopolitical peace for the US, this generation saw the inception of the home computer, the rise of videogames, and the Internet as a tool for social and commercial purposes. Other attributes identified with this demographic are Dot-com businesses, early MTV, Desert Storm, Grunge music and Hip hop culture.

The US Census Bureau cites Generation X as statistically holding the highest education levels when looking at age group.

In economics, a study (the Heritage Foundation and the Urban Institute) challenged the notion that each generation will be better off than the one that preceded it. The study which was released on May 25, 2007, emphasized that in real dollars, this generation’s men made less (by 12%) than their fathers had at that same age in 1974, thus reversing a historical trend. The study also suggests that per year increases in the portion of father/son family household income generated by fathers/sons have slowed (from an average of 0.9% to 0.3%), barely keeping pace with inflation, though increases in overall father/son family household income are progressively higher each year because more women are entering the workplace, contributing to family household income.

Characteristics of the generation vary by region, depending on social and economic conditions. However, it is generally marked by an increased use and familiarity with communications, media, and digital technologies. In most parts of the world its upbringing was marked by an increasingly neo-liberal or market oriented approach to the politics and economics. The effects of this environment are disputed.

Generation Y, like other generations, has been shaped by the events, leaders, developments and trends of its time. The rise of instant communication technologies made possible through use of the internet, such as email, texting, and IM and new media used through websites like YouTube and social networking sites like Facebook, Myspace, and Twitter, may explain Generation Y’s reputation for being somewhat peer-oriented due to easier facilitation of communication through technology. This trend of communication is continuing into Generation Z.

This generation is also sometimes referred to as the Boomerang Generation or Peter Pan Generation because of their possible penchant for delaying some of the rites of passage into adulthood longer than most generations before them, and because of a trend toward living with their parents for longer than recent generations. Those a part of Generation Y have pushed the acceptable boundaries for full adulthood from their mid 20′s to early 30′s. Many members of Generation Y have chosen to live at home, remain without a family or children, and delay a full career longer than any generation before them.

Generation Y grew up amidst a time during which the internet caused great change to all traditional media. Shawn Fanning, a Generation Y member, founded the peer to peer file sharing service Napster while in college.

Literature of the 1990s and 2000s popular with Gen Y include Harry Potter, Chicken Soup for the Teenage Soul and Goosebumps, to name a few.

Generation Y would have been significantly exposed to heavy license based toy marketing as children, including for males: He-Man, Transformers, Teenage Mutant Ninja Turtles and later, Mighty Morphin Power Rangers. This distinguishes Generation Z who connected to Pokémon and Harry Potter as toy – cartoon tie-in properties.

In Mastrodicasa survey in 2007, they found that 97% of students owned a computer, 94% owned a cell phone, and 56% owned an MP3 player. They also found that students spoke with their parents an average of 1.5 times a day about a wide range of topics. 76% of students used instant messaging, 92% of those reported multitasking while IMing, and 40% of students used television to get most of their news and 34% the Internet. 56% reported downloading music using peer-to-peer file sharing (15% reported downloading movies and 16% reported downloading software). 69% of students reported having a Facebook account, typically logging in twice a day.

Economic prospects for generation Y have worsened due to the Late-2000s recession. This generation has been least skilled and less workaholic in comparison to preceding generations. Several governments have instituted major youth employment schemes out of fear of social unrest such as the 2008 Greek riots due to the dramatically increased rates of youth unemployment.

The Millennials are sometimes called the “Trophy Generation”, or “Trophy Kids,” a term that reflects the trend in competitive sports, as well as many other aspects of life, where “no one loses” and everyone gets a “Thanks for Participating” trophy and symbolizing a perceived sense of entitlement. It has been reported that this is an issue in corporate environments.” Some employers are concerned that Millennials have too great expectations from the workplace and desire to shape their jobs to fit their lives rather than adapt their lives to the workplace. To better understand this mindset, many large firms are currently studying this conflict and are trying to devise new programs to help older employees understand Millennials, while at the same time making Millennials more comfortable. For example, Goldman Sachs conducts training programs that use actors to portray Millennials who assertively seek more feedback, responsibility, and involvement in decision making. After the performance, employees discuss and debate the generational differences they have seen played out”