Rich millennials are creating new trends and status symbols - here are 7 ways they're redefining what luxury looks like
Scott Dudelson/Getty Images
- Rich millennials are giving the luxury world a facelift.
- Like other millennials, they spend on experiences - but they're opting to pay for VIP treatments and customization.
- In luxury fashion, rich millennials are reinventing the meaning of expensive sneakers and streetwear.
- Visit Business Insider's homepage for more stories.
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.Advertisement
That's 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.
They spend extra on VIP experiences.
They seek exclusivity and customization in their experiences.Advertisement
They choose brands based on their mission and values.
They invest in a new kind of status symbol: the luxury sneaker.Advertisement
They're bringing streetwear to the luxury market.
Rich millennials are using social media to exert influence over fashion trends — and they're taking some of that power away from magazines.Advertisement
They're making luxury accessible and shareable.
- 40 fresh cases in Kerala, COVID-19 tally breaches 1,000 mark
- 55-yr-old COVID-19 positive man dies in Srinagar hospital; toll in J-K rises to 25
- Herd immunity in India is a terrible idea, says Harvard Professor
- Truecaller data of 47.5 million Indians on sale for ₹75,000, company denies database breach
- Corona patients facing higher rates of ICU admission in US: Study