- Wealthy Millennials are approaching their 40s, starting families of their own, and buying homes.
- This is changing their perception of luxury and what they spend their money on.
- Expensive coffee machines, electric cars, and high-tech cribs are symbols of newfound wealth.
Wealthy Millennials are approaching their 40s and starting to think seriously about life. Some are starting families or buying homes, and the way they view luxury is changing.
Millennials were once known to splurge on personalized experiences, brands that align with their values, and luxury apparel like sneakers and streetwear.
Now that they're a little older, they're spending more on their house, kids, and pets. Here are 10 new trends and status symbols for wealthy millennials.
They like to pamper their pets.
Millennials are pampering their pets with high-end foods and products.
Instead of buying regular pet food from Pedigree or Purina, this generation is splurging on premium brands like Rachael Ray's Nutrish and Simpson's Premium, which offer organic and gluten-free meals.
Some pets are receiving high-end treatments, with owners spending up to $12,000 on miniature “playhouses,” $600 Moncler down jackets, $80 Ugg boots and $152 designer poop. Spend on luxury clothing and accessories, including a bag holder, $1,100. Hermes wooden dog bowl.
Some pet owners have started making “bulk terry” boards (a charcuterie board-inspired snack) for their dogs filled with biscuits and other treats.
Kristen Boesel, a former lifestyle and leisure analyst at market research firm Mintel, told Insider that millennials are splurging on pet supplies because they're having babies later.
“They're adopting a pet and initially transferring some of their parenting impulses to the pet,” she previously told Insider.
“As they become higher income earners than before, they are able to spend money on things that don't have a very functional purpose,” she added.
They are choosing electric cars over luxury cars.
Data from consumer insights firm J.D. Power shows that affluent millennials, especially men, are acquiring more electric vehicles than any other generation. Their hefty price tag makes these cars the ultimate status symbol. According to a recent analysis by Consumer Reports, most new EVs are luxury models, priced at $61,000 or more, $12,000 more than the industry average.
Tesla's cheapest EV, the Model 3, has a starting price of $40,240. The most expensive EVs, the Model S and Model X, can cost up to $108,500.
But there are other reasons why this purchase can be a significant financial burden. Although you can use public charging stations, it is most convenient to charge these vehicles overnight at home. Some models may require special charging outlets, which can be expensive to install and likely not an option for renters, making this product even more premium.
We are creating a laundry room that looks great on Instagram.
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Some millennials buy homes and design every room with great attention to detail. Utility rooms and even laundry rooms are becoming the focus of high-end design.
The hashtags #laundryroom and #utilitylaundryroom have been viewed 1.5 billion and 1.6 billion times on TikTok, respectively, and “luxury laundry” was one of the most searched terms on Pinterest in 2022.
“For some people, it's the most exciting room in the house,” Emma Sims Hilditch, interior designer and co-founder of Neptune Furniture, told the Telegraph. “Functionality is great, but aesthetics are important too. It's almost like a competition: Who has the most beautiful utility room?”
Many of the rooms are sophisticated, with marble worktops, shiny appliances, painted cabinets, paneled or wallpapered walls, and expensive soaps by the sinks.
They splatter on expensive hand soap.
This generation has struggled financially for years, paying exorbitant rents just to share a house or apartment with strangers. Some people now own their own homes and have complete control over every inch of their living space, right down to the soap next to the sink.
Trendy Australian skincare brand Aesop has cornered this side of the market with its cruelty-free, vegan hand soap, which is commonly found in hotels and restaurants. Price is $40. Wealthy Millennials are bringing Aesop home with them and showing an eye for detail.
L'Oréal announced plans to acquire the brand for $2.5 billion in April. At the time, L'Oréal CEO Nicolas Hieronymus described the company's products as a “stunning combination of urbanity, hedonism and unmistakable luxury,” all of which appeal to the wealthy. It appealed to millennials.
They spend thousands of dollars on kitchen appliances.
Luxury glass-front refrigerators, which have graced the homes of celebrities such as Kim Kardashian and Kris Jenner, are gaining popularity. These refrigerators usually have fruits, vegetables, and drinks neatly arranged.
True Residential, the company that developed Jenner's refrigerator, told Insider that its refrigerators range in price from $13,300 to $25,400 for large sizes. Chelsea McLellan, the company's brand manager, previously said it appeals to people in the “top 5 percent to top 1 percent of household incomes.”
“It's primarily about aesthetics, especially at the higher end price point,” McClellan said. “Most of our customers don't want to keep up with the Joneses. They want something that no one has seen before.”
Some wealthy homeowners rushed to splurge on $40,000 stoves that come with six gas burners, two ovens, and an electric grill as they look to renovate their homes during the pandemic. .
These stoves, called La Grande Cuisine 2000, were designed by L'Atelier Paris Haute Design. The company describes the stove as a “jewel in the kitchen.”
Other excesses include installing two dishwashers instead of one for convenience and a show of wealth.
Their kitchen has an expensive coffee machine.
The Starbucks generation is spending a fortune on coffee machines to feed their coffee addiction at home.
Times reporter Harriet Walker said such machines were being seen as an investment among British millennials as takeaway coffee prices soared.
According to a recent Insider review, the most basic coffee machine costs around $400, but you can expect to pay as much as $6,000 for fancier versions.
“Like a watch or handbag, a coffee machine is now an investment, so you better choose one that looks good,” Walker writes.
They're trying to get the travel agency back.
Bill Gates once predicted that the launch of Expedia's online travel site would spell the end of travel agencies, but wealthy, luxury-oriented millennials have proven him wrong.
A 2022 Flywire study found that 96% of surveyed Gen Z and Millennials ages 18-44 who consider themselves luxury travelers are more likely to use a travel agent. I did.
According to the survey, 90% of respondents in this demographic said travel agents and advisors were “the only way to have a truly luxurious experience.”
Some of the luxury travel companies they use include Virtuoso, Knightsbridge Circle, Fischer Travel, and Scott Dunn Private. And these services aren't cheap. According to Barron's, Fisher Travel charges $150,000 in membership fees and $25,000 in annual fees for its travel and lifestyle services.
Luxury travel company Black Tomato told lifestyle magazine Robb Report that while the majority of its business now comes from millennials with families, they are also seeing an increase in solo travelers looking for more adventurous travel. Told.
They're getting Botox.
Older Millennials are beginning to approach their 40s and have seen celebrities and influencers close to their age, such as Kim Kardashian, undergo Botox and other cosmetic procedures to combat aging.
According to the American Society of Plastic Surgeons, nearly 30% of plastic surgeons say their business has doubled since the pandemic, with the majority offering procedures such as Botox, fillers, non-invasive fat reduction, and non-surgical skin tightening. The person I was looking for was a woman between the ages of 31 and 45.
Plastic surgeon Ryan Neinstein told the association that millennials' desire for such procedures is rooted in wellness culture.
“What I've noticed is that most patients are now taking very good care of themselves,” Neinstein said. “They eat well, exercise, read well, and are well-educated. And plastic surgery is part of the health cycle.”
They want to bring the spa home.
Wealthy Millennials are keen to create spaces in their homes to hide from the stress and turmoil of the real world, and spa bathrooms represent this perfectly.
The hashtag #spabathroom on Instagram and TikTok shows perfectly curated images and videos of neutral-colored rooms with plush chairs, rugs, plants, and giant round bathtubs.
“Creating a zen, spa-like atmosphere is paramount in bathrooms,” interior designer Ariel Orkin told Refinery29.
“In fact, I think it's a veritable renaissance of the Victorian era, when women had 'boudoirs' in their bedrooms,” she added.
“There's something very personal and special about the time you spend preparing for your upcoming work, in the morning before work or in the evening before a date or event. The bathroom is essentially a vehicle for those moments. ” she says. she said.
They spend $1,700 on a high-tech crib to help their newborn sleep.
Older millennials are starting to have children and want only the products that are best for them, like a $1,700 smart crib that automatically rocks in response to your baby's cries.
Snoo is a high-tech bassinet created by Happiest Baby co-founders Nina Montée Karp and Harvey Karp. Celebrities like Jessica Biel, Scarlett Johansson, Gigi Hadid, and Beyoncé have endorsed this product.
Now, major companies from JPMorgan to Snap also plan to offer the product to employees as part of their childcare benefits packages in 2023.
The brand's high-profile clientele has made this product a must-have for affluent millennial parents.
