Millennial Approach to Luxury

Older generations used to leverage their wealth for status. By owning something of value, that meant you were somebody.

Today, our perspective of value has changed dramatically. “New” does not automatically mean it has the best value.

Whereas previous generations saw the value in getting brand new items and pure-bred pets, Millennials wanted to reuse and rescue.

Exotic animal furs were harvested because Baby Boomers could afford not to care. Now, luxurious value has been redefined into just the opposite — now it’s about how much you can afford to care.

And I’m not talking about money. I’m talking about consideration.

Reuse, repurpose, and recycle. If a product can be recycled, it has more value to a Millennial. The more often an item, product, or resource is repurposed, the more valuable it is.

If a solar panel business were to consider its own lifespan in the industry, and start preemptively assigning recycling centers to study the long-term sustainability of the metals and technology, then that business has won the hearts of the Millennial generation. Why?

It all comes down to this: How much consideration did you really put?

“The idea of what is luxurious is changing; I think it’s about brand rather than luxury,” said Lazaro Hernandez, cofounder of American fashion brand Proenza Schouler.

In all industries, the concept of “luxury” is changing so much that fashion brands are left especially confused.

It is because luxury is no longer defined by a price tag.

When Louis Vuitton collaborates with a skate brand on a hoodie, does it automatically make it a luxury item? How about when luxury labels turn around and start selling sweatpants?

One of the clearest themes of the Millennial mindset is that it’s not about the money; Environmental awareness is the modern-day status symbol.

Brands today leverage social and environmental concerns to connect more deeply to their audiences. Establishing that emotional connection is key for any successful brand.

What better way to connect to your audience than addressing their concerns?

For industries with a higher carbon footprint, addressing these concerns can only increase consumer support. The only brands met with disdain, or worse yet, “cancel-culture”, are the ones who completely ignore their responsibility to a progressive future.

Mindfulness is the new luxury.

In 1971, renowned social scientist Herbert Simon observed, “What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention.”

In a bustling, technological age where we are starving for attention in a sea of content, how often does someone truly give you all of their undivided attention?

In the past, real luxury was the power of apathy. Being on top meant not worrying about the bodies you had to step on.

Today, real luxury is the power of effort. Being on top means you have a responsibility to your generation, society, and planet.

The devotion to a higher standard of quality: that is still the same essence of luxury we have all come to know.

Millennials have only redefined how high our standards should go.