As affluent millennials approach their 40s, they are redefining luxury by focusing on new priorities such as homes, children, and pets. Here are 10 emerging trends that showcase the changing landscape of luxury:
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Pampered Pets: Rich millennials are indulging their pets with premium food and accessories, opting for upscale brands like Rachael Ray’s Nutrish and Simpsons Premium. Some go to extremes, spending significant amounts on luxury clothing and accessories for their pets, including designer jackets, boots, and even high-end dog bowls.
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Electric Vehicles as Status Symbols: Wealthy millennials, particularly men, are increasingly opting for electric vehicles (EVs) as a status symbol. Consumer-insights firm J.D. Power reports a surge in EV purchases, with luxury models dominating the market, including Tesla’s Model 3, Model S, and Model X.
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Home Design Elegance: Millennials who have become homeowners are meticulously designing every room, including utility and laundry spaces. Social media platforms like TikTok and Pinterest highlight the growing trend of showcasing aesthetically pleasing laundry rooms, emphasizing both functionality and style.
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Luxury Hand Soaps: Affluent millennials are investing in premium hand soaps, with trendy brands like Aesop gaining popularity. The focus on small details reflects a desire to exert control over their living spaces, and these luxury items are seen as expressions of urbanity, hedonism, and undeniable luxury.
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High-End Appliances: Glass-front refrigerators, expensive stoves, and double dishwashers are becoming coveted items in luxury homes. True Residential, the creator of some celebrity-endorsed fridges, emphasizes the exclusivity and aesthetics of their products.
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Coffee Machines as Investments: Coffee machines are considered investment pieces among millennials, who view them as alternatives to expensive takeout coffee. The cost of these machines ranges from basic models at $400 to more sophisticated options priced at up to $6,000.
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Luxury Travel: Despite predictions of online travel platforms overshadowing travel agents, a Flywire survey reveals that luxury travelers aged 18 to 44 prefer using travel agents for a truly luxurious experience. Exclusive services like Virtuoso, Knightsbridge Circle, and Fischer Travel come at a high cost, with membership fees reaching $150,000.
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Cosmetic Procedures: Rich millennials, especially women aged 31 to 45, are increasingly turning to cosmetic procedures like Botox and fillers as part of their wellness routine. Plastic surgeons note a surge in demand post-pandemic, attributing it to a desire for overall well-being.
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Spa-Like Bathrooms: Affluent millennials are creating spa-like atmospheres in their bathrooms, emphasizing the importance of personal space and relaxation. The trend reflects a desire for a serene environment amid the stress of daily life.
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High-Tech Baby Gear: As millennials start families, they seek the best products for their children, including high-tech baby cribs like the Snoo. Endorsed by celebrities and offered as a benefit by major companies, these smart cribs are becoming a status symbol among affluent millennial parents.
The evolving definition of luxury for wealthy millennials encompasses a diverse range of experiences and possessions, reflecting their changing priorities and lifestyles.
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