The term baby boomer is a common one that we’re all likely to recognize. The baby boomers are those children born between 1946 and 1964 as a result of the demographic changes that came about after the second World War and represent approximately 30 per cent of the population in North America.
It’s the children of those boomers – born between the late ‘70s and 1990 – that are now being referred to as the echo boomers. Also known as the Millennial Generation, Millennials, Generation Next and the Net Generation, echo boomers are stereotyped as ethnically diverse children of the computer age. They’re comfortable with digital equipment and communication and are untroubled by the generation gap.
What’s surprising about echo boomers is how large the group is. There are three times as many echo boomers as there are members of Generation X – those born after the post World War two baby boom and the mid-70s. As a result, their effect is easily recognizable in our society.
Just as the baby boomers positively impacted the world, commentators such as Henry Dent Jr. say echo boomers will have an equally positive effect on society. They’re already the most researched generation in history and their traditional values are not hindered by their connectedness or ability to multi-task.
Their desire to do well, to be as successful as their parents and their aim to please is what Dent says will propel the group’s impact on our struggling economy.
As baby boomers start to retire, we’re likely to see echo boomers take their place. As a result of their “team” upbringing, we’ll notice that echo boomers will promote a switch from sole management to teams that will work together to be successful. And it is these positive traits that will hopefully help our economy rebound from the lows we’ve faced for the last few years.
Dent believes that as the market recovers, echo boomers will benefit greatly from both lower real estate and living costs. Expected to occur over the next years, this recovery will enable echo boomers to make a real impact on the real estate market. Though it’s a little while off, this is definitely something for the echo boomer generation to look forward to. What do you think of Dent’s predictions? Please share your comments with me.