How Rich Millennials Are Changing the Meaning of Luxury. Part I.
Luxury is not what it used to be. For the wealthy millennials who are approaching their 40s, the traditional symbols of status and success are losing their appeal. Instead, they are looking for new ways to express their values, tastes, and lifestyles.
These affluent young consumers are not just buying things, but experiences. They are not just seeking comfort, but convenience. They are not just flaunting their wealth, but their social and environmental consciousness.
In this article, I will introduce you to the 10 new status symbols that rich millennials are using to express their luxury lifestyle. However, since each of them deserves a detailed explanation, I will only cover the first 3 in this part. Stay tuned for the next parts, where I will reveal the rest of them.
1. Electric Vehicles
One of the most visible signs of millennial wealth is the electric vehicle (EV). According to a recent analysis from Edmunds, most new EVs are luxury models that cost over $61,000, which is $12,000 more than the industry average. Tesla’s cheapest EV, the Model 3, has a starting price of $39,990.
But why are rich millennials drawn to EVs? It’s not just because they are sleek, fast, and futuristic. It’s also because they are eco-friendly, innovative, and customizable. EVs represent a combination of luxury and sustainability that appeals to the millennial sensibility.
As Jessica Caldwell, Edmunds’ executive director of insights, said:
“The future of EVs is bright, especially as legacy automakers start to bring more products to market that have the potential to challenge Tesla’s stronghold on the segment.”
2. Smart Homes
Another way that rich millennials are upgrading their living spaces is by investing in smart home technology. Smart homes are equipped with devices that can be controlled remotely or by voice commands, such as thermostats, lights, security cameras, speakers, and appliances.
Smart home technology offers rich millennials convenience, comfort, and security. It also allows them to personalize their environment and save energy. According to a report by Statista, the number of connected devices in smart homes worldwide is expected to reach 13.5 billion by 2025.
Some of the most popular smart home devices among rich millennials are:
- The Nest Learning Thermostat, which learns your preferences and adjusts the temperature accordingly.
- The Ring Video Doorbell, which lets you see and talk to visitors from your smartphone.
- The Sonos One, which delivers high-quality sound and works with Amazon Alexa and Google Assistant.
- The Samsung Family Hub Refrigerator, which has a touchscreen that can display recipes, calendars, photos, and more.
3. Coffee Machines
For many rich millennials, coffee is not just a beverage, but a lifestyle. They are willing to pay premium prices for high-quality beans, roasts, and brews. They are also interested in learning about the origin, flavor, and preparation of coffee.
To satisfy their coffee cravings at home, rich millennials are investing in sophisticated coffee machines that can produce barista-level drinks. These machines can grind beans, froth milk, and customize settings according to personal preferences.
Some of the most sought-after coffee machines among rich millennials are:
- The Jura Z8, which can make 21 different types of coffee and has a touchscreen display.
- The Breville Oracle Touch, which can make espresso, cappuccino, latte, and more with a swipe and a tap.
- The DeLonghi PrimaDonna Soul, which can connect to a smartphone app and adjust the settings based on the bean type.
Conclusion
Luxury is not a fixed or universal concept. It is a subjective and dynamic one that changes with time, culture, and generation. For rich millennials, luxury is not about ostentation, extravagance, or exclusivity. It is about expression, experience, and ethics.
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Links to my other articles you might enjoy:
- How Rich Millennials Are Changing the Meaning of Luxury. Part II.
- Final part: How Rich Millennials Are Changing the Meaning of Luxury. Part III.
- The Allure of Quiet Luxury in Fashion: Embracing Understated Elegance
Disclaimer: The links in this article are not sponsored or endorsed by any of the brands or organizations mentioned. They are provided for informational purposes only and based on my own research. The opinions expressed in this article are my own and do not necessarily reflect those of the brands or organizations mentioned. Please do your own research before making any purchase or donation decisions. Thank you for reading.🙏
