The real question is whether Millennial voters get excited about political figures their own age. By 2018 the oldest Millennial voters will be 36, which is about when a generation starts making big headway into high political office. The large number of elderly politicians in high office practically ensures a steady stream of need for replacements.
I doubt that will be an issue. Millennials are not so politically apathetic that it would cause a large deficit in viable, potential politicians. In the past 3 presidential elections, their turnout rates have not actually been that bad, all things considered. There is also a whole lot of activism that will surely bring and keep a decent number of them in the fold.
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As for the 2016 numbers for Democrats - I am not really stressing out over them. In many areas, Republicans did just as bad or worse than in 2012
(granted, the midwest was somewhat worrisome), but that Clinton had lost support to 3rd parties. This shows that they were more just disappointed in her than actually considering Republicans. If Democrats can run better candidates in 2020 and beyond, they should have no problem locking down Millennials.
