Wealthy Millennials Are Spending Less on These 5 Status Symbols
Wealth is something that, in the past, was always easy to spot – the designer handbag, the luxury car, the oversized house. For wealthy millennials, though, the old markers of success are losing some of their shine.
Affluent millennials haven’t stopped spending, but in many cases, they are becoming more selective about what deserves a premium price. For example, Business Insider reported in 2023 that wealthy millennials were shifting their spending away designer fare and toward homes, pets and family life as they entered their late 30s and 40s.
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More recently, an Inc. analysis found that more than three-quarters of consumers surveyed across five countries were trading down in some way, including affluent shoppers – which helps explain why some of these traditional status symbols are fading.
1. Designer Logos
Inc. found that affluent consumers have been paying closer attention to durability, versatility, up-front cost, and resale and repair value instead of a giant monogram or recognizable corporate logo. Meanwhile, CNBC reports that younger shoppers are more and more gravitating toward mid-priced products that offer a smaller splurge without the price of traditional luxury.
The result? A growing preference for items that communicate taste without broadcasting their price tag.
2. Luxury Cars
Business Insider has also reported that moneyed millennials have embraced electric vehicles (EVs). High-end German sports sedans or flashy sports cars, while sleek and fancy, don’t carry the same environmental considerations of the EV – which is itself a new kind of prestige.
3. Brand-Name Clothing
Conspicuous streetwear and luxury apparel were once closely associated with millennial spending and style. Now, though, shoppers are becoming more interested in craftsmanship, sustainability and even resale value (and pieces that can be worn for years).
Inc.’s reporting on affluent trade-down behavior now suggests that paying more simply because something carries a well-known logo is facing more and more scrutiny from millennial buyers.
4. Huge Houses
When it comes to homes, more square footage also meant more success. However, a giant house also means steeper costs such as utility bills, maintenance and property taxes.
FODMAP Everyday notes that rising housing and ownership costs are contributing to weaker enthusiasm for oversized homes, while smaller and more minimalist living arrangements have gained appeal.
5. Gold Jewelry
Heavy gold jewelry once broadcasted one’s wealth to the world. Now, understated pieces and custom designs can carry more cultural currency.
FODMAP Everyday points to lighter jewelry and materials such as recycled metals and lab-grown diamonds as part of that shift. Specifically, for shoppers already questioning traditional luxury prices, a conspicuous pile of gold can look less compelling than something distinctive and personally meaningful.
The Bottom Line
Wealthy millennials haven’t stopped caring about status; rather, status itself is just becoming harder to define by price alone.
CNBC reported that younger shoppers are finding status in mid-priced products that feel distinctive and attainable. Simultaneously, affluent consumers are becoming more comfortable with repairing, reselling, buying secondhand and simply keeping what they already own.
In short, the bigger flex among wealthy millennials is knowing when an expensive purchase is actually worth it – and when it isn’t.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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