Ultra-Wealthy Millennials Splash Cash on Watches and Jewelry
August 04, 24
(IDEX Online) - Ultra-wealthy millennials in the US are splashing more of their cash on high-end jewelry and watches, according to a new study.
It focuses on the complex earning, investing, and purchasing behaviors of 28 to 43-year-olds who have a net worth of $3m-plus.
The elite group prioritize their spend on expensive products, according to the Millennial Mindset Report, by Worth Media Group in collaboration with Boston Consulting Group (BCG), which reports higher purchase rates of luxury goods (71 per cent), last year compared to their less well-heeled peers. Jewelry purchases were up 68 per cent and watches up 59 per cent.
But beyond material possessions, they are also big on family values. "Many are married and raising the next generation of innovators while also cherishing their beloved pets.
"Furthermore, they distinguish themselves by investing in their own well-being, adopting healthy lifestyles that support their ambitious endeavors," the report says.
The survey group of almost 2,600 people, largely affluent millennials, found 82 per cent had an annual household income above $250,000 and 12 per cent had a net worth of more than $5m.
They prioritize "investing in luxury goods, fine jewelry, and exclusive timepieces to build personalized, status-enhancing collections," says the report.
But fewer than quarter said they'd given money to charity. "76 per cent didn't donate money in the past year, preferring to volunteer time and skills due to skepticism over impact. 68 per cent of donors are actively involved beyond just giving money."