Who are the Millennials and iGen? From my perspective, Millennials are people born between 1980 and 1994, and iGen refers to those born between 1995 and 2005—essentially, people who grew up in the iPhone generation era. When you mention socialism, the first countries that come to mind are Russia and China. But if we look at how both countries have changed the geopolitical landscape, we can see a significant shift.
Characteristics
According to the Rew Research Project (2020), Millennials contribute to one-third of the global workforce, shaping the world economy. In China and India, there are more than 800 million Millennials, with China’s population being five times larger than that of the US. This brings us to a few key characteristics:
- 1. Urbanization: Millennials are increasingly urbanized, particularly in developing countries, with a strong focus on Asia. At the same time, Millennials place a high priority on job security, which has led to rising socio-economic concerns.
- 2. New Consumer Force: Millennials have greater spending power than any other generation. They are generally in a “settling down” phase—building homes, adhering to one-child policies, and growing up with platforms like Facebook, Amazon, eBay, Apple, and Google.
- 3. Workforce Entry: Millennials began entering the workforce in the mid-2000s, and in Sri Lanka, many started their careers at the tail end of the 30-year-long civil war. While some focused on the war, the rest became the driving force in the corporate world, including in the public sector. Due to the war and economic challenges, Millennials in Sri Lanka delayed their marriages, housing goals, and even adopted a one-child policy.
- 4. “You Only Live Once” Lifestyle: In Asia Pacific, particularly China, Millennials are known for their budget-friendly travel and independent mindset. They tend to purchase iconic, expensive items and enrich their lives with smart devices, portable chargers, headsets, etc. This tech-driven lifestyle gives them an edge over other generations. These characteristics have also led many to leave Silicon Valley and start businesses in countries like India and China.
- 5. Wealth Transfer: According to the Financial Times (US), more than $40 trillion in wealth will be transferred to Millennials in the US. This is a high-risk shift, as family businesses are passed down to the next generation. In the West, executives are often appointed to run operations while family members sit on the board. In the East, however, the transfer is sometimes more direct, without the requisite industry experience. A classic example is the Korean Air incident, where leadership was handed down to daughters without prior experience, leading to bankruptcy. In Sri Lanka, however, Baby Boomers tend to provide on-the-job training to Millennials in family businesses, ensuring a smoother transition.
When it comes to iGen, this generation cannot be taken lightly—they have the power to shape or break any country. I see them as brand ambassadors for their nations, alongside Millennials. iGen often seeks shortcuts to increase efficiency and stands for principles such as “equality.” They tend to work hard if given the right direction, compared to Millennials, who often take a “self-reliance” approach.
- “One-Child Policy” Impact: This generation tends to spend more and save less compared to previous generations. They are willing to invest in emerging technologies like digital currencies and spend time on charity services. iGen is less interested in international political changes or geographical wars but stands up for human rights and against child violations. For example, social media platforms like “X” show strong opposition to Israeli war crimes against children and women in the current Middle East conflict.
- “World at Your Fingertips”: iGen’s lifestyle is primarily online-centric, with many making purchases of food, clothing, and trendy items through digital platforms. As a result, 90% of the BFSI and fintech industries have streamlined their services to cater to this demand.
New Socialism
After 30 years of brutal war, Sri Lanka reached significant milestones that impacted the lives of its citizens, such as the 2019 Easter bombings, the ‘Aragalaya’ protests, and a corruption-free presidential campaign in 2024. These events have prompted Millennials and iGen to lean toward socialism, driven by issues like inequality in the distribution of wealth and power.
In terms of geographical socialism, iGen leans toward “Green New Socialism,” moving away from traditional company bureaucracies and focusing on political policies like net-zero carbon emissions. They are more inclined to initiate recycling programs compared to other generations and prefer remote work over traditional desk jobs. Studies show that a hybrid work model can reduce carbon footprints by 15-30%. They also advocate for swapping single-use items for eco-friendly alternatives, such as using ceramic mugs instead of paper cups or glass bottles instead of plastic. Both generations are also positive about digitalization, with Sri Lanka’s new government, under the president’s leadership, pushing for the transition from paper-based activities to digital systems.
“Redistribution” is a key buzzword today, as many in iGen believe that economic benefits should be more evenly distributed between the rich and the poor. According to The Economist (USA), iGen feels that spreading economic benefits will provide people with more choices regarding their lifestyles. Both generations also believe that governments need to pay more attention to public services and administrative offices. The 2024 presidential campaigns in the USA and Sri Lanka both focus on upgrading public services in different ways.
Beyond economic factors, both generations are focused on gender equality. A classic example is the 2024 Sri Lankan general election, where 21 women were selected for parliament. However, they argue that women need more representation in economic activities. Personally, I believe that women play a crucial role in household financial management, which contributes to family stability and growth. Similarly, women have a significant role in Sri Lanka’s economy, particularly in areas like economic planning, promoting manufacturing enterprises, improving food security, local development, public administration, and entrepreneurship.
As I see it, Baby Boomers hold a bird’s-eye view and control the economic and political direction of their respective countries.
-Dilruckshan Hettiarachchi (MSc in Data Science, MBA in Project Management, MCIM)-