Rich millennials are creating new trends and status symbols - here are 7 ways they're redefining what luxury looks like
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- 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.
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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.
They choose brands based on their mission and values.
They invest in a new kind of status symbol: the luxury sneaker.
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.
They're making luxury accessible and shareable.
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