The habits of wealthy millennials are turning the luxury world upside down. Like the ordinary mortals of their generation, they prefer to spend on experiences. But unlike the rest of the millennials, they can afford these experiences quite well.
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According to Business Insider, wealthy millennials are setting new trends and status symbols with their way of dressing and living. They sport extremely expensive sneakers, luxurious sportswear, but also borrowed or rented pieces. All of this is extensively showcased on powerful social media accounts.
For reference: millennials or Generation Y are those born between 1979 and 1995.
Let’s explore seven ways in which millennials are redefining the world of luxury:
1. Spending Big on VIP Experiences
Like the rest of their generation, millennials prefer to spend on experiences rather than things. However, they’re willing to pay a fortune for comfort and excellent service in these experiences.
2. Exclusivity and Customization
Millennials prefer to customize their experiences to make them unique. Especially when traveling, millennials seek exclusive amenities and services, such as a bartender preparing special drinks in their suite.
3. Choosing Brands Based on Values and Missions
Younger generations tend to be less loyal to a single brand and prefer to buy from brands that share their values and passions. What mission does this brand represent? How does it contribute to a better world? These are questions millennials ask themselves when purchasing their products.
4. Luxury Sneakers
No, they’re not shying away from shopping. They invest a fortune in a pair of sneakers as a status symbol. In fact, the footwear category is the most powerful in the luxury market, according to a recent report from The NPD Group, and the leading shoe is indeed the sneaker. Due to their desire for comfort and exercise, millennials consume this item a lot.
5. Streetwear in the Luxury Market
Athletic wear has moved onto the streets. Many luxury brands are investing in partnerships with sports brands.
That’s what made Gucci cool again: in 2015, the Italian brand brought in a creative director who helped embrace athletic wear fashion.
6. Powerful Social Media
Millennials use Instagram, in particular, to influence luxury fashion. Influencers like Kim Kardashian dictate what will be considered luxury worldwide. For brands, being on a popular Instagram profile matters more than in the pages of a magazine.
7. Accessible and Shared Luxury
Millennials want to share. They place less emphasis on owning than on using and sharing. Consequently, rental services for cars, homes, clothing, and accessories have grown significantly, like Uber and Airbnb.
In the luxury world, the trend is the same: you can rent a designer dress for a party or even a watch or piece of jewelry.
