The habits of millennials have attracted a fair amount of curiosity in recent years. Aside from not buying homes, most millennials reportedly—don't hold us to this—don't buy diamonds, fabric softener, or even cereal. Apparently.
Rich millennials, on the other hand, are a severely different species. With millions to spare, this younger and wealthier group are setting new trends, as well as status symbols in fashion, travel, and more. According to Business Insider, here's how rich millennials are spending their money.
Rich millennials put more importance on VIP experiences.
From exclusive travel services and music festivals, it's all about comfort and memorable experiences for well-off millennials.
Their thirst for amazing experiences extends to exclusivity and customization.
Case in point: the Lotte New York Palace (above) in Midtown Manhattan offers an "InstaButler" that helps guests takes photos around the property.
They look into a brand's values and mission, too.
It's safe to say that millennials brought upon sustainability and transparency in the luxury sector.
The luxury sneaker has also become the new status symbol for rich millennials.
Including bringing streetwear in the same league as luxury fashion houses.
In addition to all of those points, unsurprisingly, rich millennials have taken to spending online on e-commerce sites, investing in cryptocurrency, and even with how they flex on social media. The simple reason? They grew up surrounded by technology, unlike other demographic cohorts.
