7 ways rich millennials are redefining luxury through Instagram
- From expensive sneakers and VIP experiences to following social media influencers, millennials with deep pockets are flipping the traditional concept of luxury
The spending habits of rich millennials 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 customisation.
They are also creating new trends and status symbols, namely expensive sneakers and streetwear; the latter has become firmly 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.
But now anyone with a smartphone can become an ‘influencer’, crafting their own share of a brand’s image through the pictures they post and what they say
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.
1. They spend extra on VIP experiences
Like the rest of their generation, rich millennials prefer to spend on experiences instead of things. What sets them apart is their willingness to pay more for heightened comfort or service during these experiences to match their lifestyles, according to Larissa Faw in a post for Forbes.
“For instance, millennials, regardless of socioeconomic status, attend the music festival Bonnaroo, but while non-affluent guests stay in basic tents and use communal showers, affluent millennials pay more for the VIP experience with a gourmet private chef and golf-cart chauffeur service,” she writes, adding that many festivals and concerts have developed VIP programmes for this reason.
