Final answer:
Millennials, or Gen Y consumers, were born between 1981 and 1996. They experienced the recession just as they were becoming adults, which affected their job prospects and living situations. The generation before them, Baby Boomers, were born between 1946 and 1964 and had a significant influence on consumer behavior and marketing. So, the correct answer is option 2.
Step-by-step explanation:
Gen Y consumers, also known Millennials, were born between 1981 and 1996. This generation was characterized by coming of age during the recession, when many were entering, attending, or graduating from high school and college, and faced the challenge of finding employment in a difficult job market. This impacted many aspects of their lives, including financial independence and living situations.
The Baby Boomer generation before them, born between 1946 and 1964, experienced a different societal context. They grew up with distinctive spending power, which translated into significant marketing influence. As this generation aged, they redefined societal expectations for what it means to be young, middle-aged, and old.
Distinguishing these generational differences is crucial for understanding social dynamics, historical context, and the evolution of consumer behavior. It helps to understand how these groups approach media, politics, and societal roles at different stages of their lives.