Luxury Spending Not Generation Dependent


    While members of the upper crust are planning to lighten their wallets for high-end products, services, and experiences in coming months, younger affluent consumers who are making a lot less also plan to spend on luxury in the year ahead, says the Shullman Research Center’s ‘Luxury and Affluence Monthly Pulse.’ The study, which profiled three generations – Millennials, Generation X (34 to 48 years old), and Baby Boomers (49 to 67 years old) – found that Millennials making $75,000 or more have the same items on their lists as Boomers making $250,000 or more. Millennials in the $75,000-plus segment are taking luxury vacations, buying premium beers or ales, buying premium cosmetics, buying or leasing luxury vehicles, buying fine jewelry, and buying designer clothing or accessories. Gen Xers bringing $250,000 or more into their households are looking at the same items, while Baby Boomers are more attracted to luxury cruises, premium cosmetics, fine wines, premium liquors, and fine jewelry.