Rich Millennials and the way of spending money
According to population statistics, Millennials account for 80 million people, which is the reason why this generation, even rich Millennials have become the top concern of many brands in all industries.
#1: Rich Millennials are willing to spend more on luxury items
Nowadays, Millennials are more optimistic about their future personal income than the older generations. They are willing to pay more for luxury items. The conclusions were drawn by UBS Group AG from the survey of over 3,000 consumers from major markets such as China, France, Italy and the United States. In the report released on September 28, 2018, the group of customers between the ages of 18 and 35 (Millennials generation) contributed up to 85% of the luxury market’s total sales.
Born in the development of modern technology, rich Millennials spend most of money and income buying products and services online. According to statistics for the US market, up to 40% of men and 33% of women in rich Millennials group tend to buy everything on the Internet.
Rich Millennials spend more money on luxury items
#2: Rich Millennials are spending more on personal experiences
Rich Millennials have enough financial condition, they spend time and money on personal experience to enjoy lives and learn new things. Many surveys show that Millennials contribute an important part in the tourism industry’s revenue.
#3: Rich Millennials in Asia are spending more money on skin care
A beautiful skin makes young people in Asia feel more confident when taking photo or meeting other people. In countries such as China, Japan, Thailand and Korea, skin care regime always includes many processes and steps, combine beauty and care from the inside. Understanding this demand, it is quite understandable that Asia’s rich Millennials are more and more aggressive in the battle of skin care.
In conclusion, like the rest of their generation, rich Millennials spend more time and money on experiences, beauty care and social media. However, they pay extra to VIP treatments and customization, from that creating new trends and status symbols.