Having the world at their fingertips, Gen Z and millennials are always looking for the next huge phenomenon. Their wish for unique, one-of-a-kind experiences that distinguish them is driven by fear of missing out (FOMO) and want for differentiation, individualism, and exclusivity. But that should be in a way that reflects their values, not just their finances. For them, luxury is no longer defined by price tags; it's defined by meaning, says Manoj Adlakha, Founder & CEO, RedBeryl.
Millennials, Gen Z Redefining Luxury Living: This Is How
For these generations, the ultimate status symbol isn’t an expensive possession—it’s the ability to lead a life that’s rich in experiences, aligned with their beliefs, and deeply fulfilling. Whether it’s naming a star after a loved one or orchestrating a breathtaking private fireworks display in custom colors, today’s luxury is all about crafting moments that leave a lasting impression, Mr. Adlakha notes.
Gone are the days when it was solely about designer handbags, expensive watches, and exclusive clubs. For millennials and Gen Z, luxury is no longer just about material possessions—it’s about experiences, meaning, and personal identity. It's defined by emotions, memories, and once-in-a-lifetime moments that money can’t buy.
Millennials and Gen Z are ready to spend their time, energy, and money on activities that enrich their life, whether it is a one-of-a-kind wellness retreat in the Himalayas, a solo backpacking trip across Europe, or a quiet staycation in a calm location.
They yearn for stories to tell and moments to define their lives; they seek more than simple stuff. Their compass is living life fully.
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Millennials and Gen Z Focus on Conscious Consumption
This shift is transforming industries, forcing brands to rethink their strategies, and redefining what it means to live a truly luxurious life.
Moreover, for these generations, authenticity trumps big brands. That's why ethical sourcing and sustainability are not just buzzwords anymore; they are integral parts of contemporary luxury.
Millennials and Gen Z are very conscious about how their acquisitions affect the earth. Whether it's selecting thrift shopping over luxury items or investing in small, local companies that celebrate authenticity, they are making conscious decisions.
These younger customers also seek a product that seems custom-made for them. They do more than just follow others; they also lead themselves.
In gist, for millennials and Gen Z, real luxury is honesty, ethical production, and environmentalism. They are no longer in pursuit of status symbols; they rather search for value, meaning, and conformity with their own convictions.
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