Wealthy millennials are creating new luxury trends
The spending habits of wealthy millennials are redefining the luxury industry. Part of this generation, the rich millennials like to show status symbols and unlike the rest of the generation, they pay more to enhance VIP experiences.
Wealthy millennials are creating new luxury trends / Ph. Pinterest
Rich millennials are redefining the luxury industry
The wealthy millennials are creating new luxury trends, they are bringing streetwear to the luxury market. Their athleisure appetite made many luxury brands partnering with streetwear brands to cater to them. Moreover, the rich millenials are using social media as instagram to make influence on fashion trends, they are defining what's hot in the luxury world and the trends they launch on social media strictly affect on the masses. According to this,fashion magazines are losing some of their influence power.
What should be mentioned here is the priority of the rich millennials for the shared economy, which has gone into the luxury world. Rental services such as Rent the Runway have made luxury goods more accessible to others.
Like the rest of their generation, the rich millennials like to experience above of everything. What makes them stand out is their willingnesses to pay more for comfort or enhanced services in these experiences to fit their lifestyles.
The wealthy millennials also like to customize their experiences - an additional reward is what they are willing to spend extra money on. They want personalized experiences that are unique or tailored to them. The affluent millennial traveler normally seek luxury resorts that offer personalized wellness packages
Besides, they are more likely try something new if it speaks to their personal values and passions. Moreover, the rich millenials are choosing brands based on their mission and values. They are evaluating a brand in terms of what mission the brand represents and what the brand contributes to the greater good and what product say about them and their values when they own it. Furthermore, the wealthy millenials are investing in a new kind of status symbol, for example, they could buy a pair of luxury sneaker if it represents a status symbol at present.
Therefore the rich millenials are redefining the luxury industry. Keep in tune to update more information on Vuhes.com