The Luxury Items and Experiences That Millennials Want
There’s a lot of focus on the luxury desires for Millennials these days. People want to know what it is they want so that people can have a better understanding of the generation. Thus far, they seem intent on defying the steps of those who came before them and forging their own paths through the world. This has some upsides, yes, but there are always downsides such as trying to figure out what can capture their attention. What luxury items and experiences actually appeal to Millennials? This question is a lot more complicated than many people initially think because we get stuck in older models. The generation is a varied bunch whose means differ greatly depending on a number of factors. These are what end up dictating what they want. With that in mind, we’re going to review some of the luxuries in life that Millennials have publicly explained are important to them or interest them more than the rest. If anything, the generation is quite open about what they want.
If there is one thing that can truly define the luxury desires of Millennials, it is typically that they want to experience the world. Items tend to hold relatively little attraction. They watched their relatives accumulate and horde things meant to make their lives “better” and saw that just buying things didn’t really do anything. That’s lead to a broader philosophy of seeking out experiences. These unique moments in time are something that can be shared with those close to them. Memories of some novel thing done together hold far more cache with this generation. This leads to a lot of travel and exotic adventure locations where they try to experience things others haven’t. It leads to a greater degree of openness and communication among themselves and others as they constantly seek, share, and point one another in novel directions. However, the novelty isn’t all they’re seeking.
Another thing that seems to drive Millennial experience seeking is a distaste with how things were to one degree or another. Their lives have been marked by the explosive growth of the Internet and paradigm shifts in how we all communicate. This resulted in connecting to people all over the world. Many Millennials want to experience other cultures and cuisines regularly rather than feeling bound strictly to the culture of the country in which they were born. Millennials who are luxury travelers tend to rarely go to the same place twice as they seek out new locales in which to expand their knowledge of the world in a visceral level and don’t necessarily understand their more home-bodied and oriented relatives. Experiencing the world on the world’s own terms is important to this generation as opposed to importing fragments of a culture. Millennials would rather be in the world than simply sample it. Learning vacations are just as common as adventure vacations for this very reason.
A Solid Foundation
Ultimately, the defining material want for most Millennials tends to be the desire for a home. Many of them, even those earning relatively well, tend to spend money on experiences because larger investments seem to escape them. As the generation who bore the brunt of the recession, they have less spending power even after the gradual recovery of the economy. Many Millennials deeply desire a home as they start families or seek out partners, but there is a sense that it is a luxury that will forever escape them due to constant drains on their income even if they skip on all other luxuries. Many Millennials have become focused on creating or designing their own furniture and other household items as a result. Novel luxury display items and similar things are more likely to appeal to them than anything. Most will have already addressed their practical needs and won’t see a reason to buy further items simply for consumption.
Millennials are a difficult generation to figure out how to approach. They’ve been defined by broad communication potential and profound economic distress. Even the well-to-do Millennials tend to have less than their peers in previous generations with a few notable exceptions. The quest for experiences binds them to one another even across oceans. If you want to understand where they’re coming from, you’ll have to understand that experiences are to them what luxury for the sake of luxury was to previous generations.