As Gen X starts to become invisible, caught between boomers and everyone else, I liked this analysis from W David Marx:
"In other words, Generation "X" wasn’t simply describing a birth cohort but a broader movement in American society to redefine cultural capital from high-society manners and high art to a more inclusive, ever-curious collection of intellectual and quasi-intellectual ideas. (A classic example of Generation X values is the guy in Slacker who believes The Smurfs was meant to prepare children for "when Krishna comes about.") This Gen X focus on cultural distinction is why Fussell calls it a “parody aristocracy,” because until that point, such emphasis on bold lifestyle differences had been the exclusive privilege of the upper classes. And this focus on cultural capital also explains why the ‘90s became such a fecund cultural decade: Individuals who believe in the superiority of crate-digging — i.e. the intense search for deep cultural knowledge — end up breaking established artistic conventions rather than replicating them.
Of course, Gen Y would end up rebelling against these “aristocratic” values. There was an immediate backlash in the early 2000s against the pretensions of indie culture. Big Pop was back. As such, Millennials aren’t a “parody aristocracy” as much as a “parody bourgeoisie”: at least in the stereotype, they're striving towards high social rank through performative hard work that will inevitably lead up to unbridled entrepreneurial successes."
Also the subsequent move back to a different form of obscurantism.