Millennials step up as Australia’s most influential generation

Millennials

The latest Census has shown a shift in Australia’s demographic, with millennials catching up to baby boomers in terms of population.

Millennials are classified as those aged 25-39 while baby boomers are those aged 55-74, with both groups making up 21.5% of the population in 2021.

While the cultural divisions between the two groups has been the stuff of memes for years, the implications for all aspects of business, including events and tourism, are profound.

Australian Bureau of Statistics.

Boomers may still be the most influential economically, but their numbers are in decline, dropping from 25.4% since the last Census in 2016.

Those aged between 10 and 24, known as Gen Z, account for 18% of the population. Gen X, those in their 40s and 50s, have shrunk marginally to 19.4% of the population.

So what are the traits of Millennials? They are digital, mobile and globally connected and more likely to live in a capital city. They are also more diverse than previous generations, with 36 per cent of the older Millennials born overseas.

But most important of all, they are the economic powerhouse that is keeping Australia moving along, and their influence is only set to grow stronger over the coming years.