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This article is about developing a sociological approach towards generational cohort analysis. The previously examined generation of millennials is divided into two age cohorts. A specific group of so-called "3S" millennials ("smartphones", "social media", "slump in the economy") is distinguished. This younger generation entered their period of adulthood starting in the year of 2008, which was marked by continuous economic recession and a broad dissemination of new technologies and digital consumer services. Data was gathered from the annual Russian Longitudinal Monitoring Survey (RLMS–HSE) for the years 1994–2018. The obtained results show a divide within the millennial generation, measured by a multiplicity of social indicators along with the preservation of many inter-generational differences. In part one of the paper published in this issue of the journal, we reveal that the younger "3S" generation of millennials has been dealing with new digital technologies since their early adolescent years. They are better educated, have more educated parents, and often postpone important decisions like marriage, first pregnancy, having children, employment in the labor market. Many intra- and intergenerational differences remain stable during the observation period when controlling for age and other standard variables.