Rich Millennials’ spending habits are turning the luxury sector on its head.
Like the rest of their generation, rich Millennials prefer to spend on experiences — but unlike the rest of their generation, they pay extra to heighten these experiences with VIP treatments and customization.
Rich Millennials are also creating new trends and status symbols, namely expensive sneakers and streetwear, the latter of which has become entwined with luxury fashion. This is largely due to the role of social media — as more Millennials take to Instagram, brands and fashion magazines are losing some of their clout to influencers.
That is not to mention Millennials’ preference for the share economy, which has trickled into the luxury world. Rental services like Rent the Runway have made luxury goods more accessible to others.
Here are seven ways rich Millennials are redefining luxury.
1. They spend extra on VIP experiences.
2. They seek exclusivity and customization in their experiences.
3. They choose brands based on their mission and values.
4. They invest in a new kind of status symbol: the luxury sneaker.
5. They are bringing streetwear to the luxury market.
6. Rich Millennials are using social media to exert influence over fashion trends — and they are taking some of that power away from magazines.
7. They are making luxury accessible and shareable.
(Source: Business Insider)