Luxury expenditure became more and more common towards the end of noughties among the younger generations. The world now has more people in their twenties with sizable disposable income than ever before, looking for millennial luxury brands to spend it on. From vloggers and bloggers to instagrammers and start up creatives, the young entrepreneurs of the world are growing in number, desiring different ways to play with their wealth. Other than investing in experiences that will makes their social status shine, what kind of luxury asset does the young successful consumer find themselves indulging in and from what brands?
The luxury car is something that millennials have been raised to desire. From every arty car commercial that left them scratching their heads featured in old media, to the product placement in their favorite sitcoms and films, the luxury car was portrayed as a trophy of consumer culture. The theme of leasing luxury cars among millennials can be compared to the purchase of the latest smart phones. Their preferred avenue of getting these vehicles allows them to swap in and out of the newest models and stay in touch with modern car technologies.
Jaguar and Cadillac are just 2 of the brands that the generation favor for leasing. Meanwhile, a different class of millennial from the Middle East has been seen around the streets of London in the last year, sporting elaborate luxury cars ranging from gold and black Bugatti Veyron and Landrover to $450,000 Rolls Royces. These cars act not as a way to flaunt wealth, more so as a fashionable way to travel that has what they need to remain in touch with the digital world.
Watches are a mark of status, though in a different way to how they once were. Now, it is no surprise to find a wealthy millennial sporting a Rolex or an Omega that they could have sourced through a sharing economy platform such as chrono24.com. However, the watch for a millennial is less about holding to the ideals of Rolex of status and more an expression of the type of person you are. This is achieved in different ways by different social types of millennials.
From the stylish digital marketing executive sporting the latest in smartwatch technology, to the more fashion conscious wearing a watch made from wood, there seems to be no single brand that has taken a hold of this generation’s style sense. Smartwatches provide their owners with a sense of fashion, like the apple watch and functionality, but are a hard case to argue for being a millennial luxury product only. Timepieces like the Jord wood watch may not offer the features that an apple watch can but provide the wearer with a sense of style that provides status of a different kind.
When faced with the question what kind of luxury asset does a millennial want to buy from a brand? I would have to answer with a simple three word sentence. A useful one.