During that initial 1984-88 run, Pepsi went all-out on commercials, which featured some of the biggest names in '80s entertainment, including Michael Jackson in the first ad.
It seemed like it couldn't get better than that, and it didn't. Pepsi dropped the slogan in 1991, which would be the last time they used the “New Generation” phrase.
In 2006, PepsiCo's trademark on "The Choice of a New Generation" expired, and they didn’t renew it. They’ve tried new slogans, like “Live for Now,” but none are quite as catchy.