Luxury Brands 'Upper-Class' Millennials Spend Their Money On Most

To set the stage, Worth and Boston Consulting Group conducted a study of nearly 2,000 United States Millennials with household incomes on the north side of $250,000 (bumped up to $350,000 in cities with high costs of living) and/or household net worth of more than $1 million. Using this target audience, the magazine examined how they spent their money, brand-wise — and, to a smaller degree, how that compared to Baby Boomers and Gen Xers with similar wealth levels. (The reality is that upper-class Millennials really do have different spending habits from Boomers.)

Of the Millennials surveyed, 63% of them admitted that they'd indulged in luxury goods over the past year. Jewelry brands specifically named by Worth included Gucci, Buccellati, Cartier, and Pandora. When choosing a watch, this demographic would lean towards Breitling, Patek Philippe, Rolex, and Panerai — and this group also loves Louis Vuitton and Prada. Worth also delved into why luxury brands felt important to people surveyed, with 70% of Millennials saying that making a good impression was important while 54% were quite honest in saying that, yes, they liked showing off wealth (although, somewhat contradictorily, 74% preferred an understated lifestyle approach). Interestingly, when it came to car shopping, the brand with the highest name recognition of Millennial survey participants who had purchased a car over the past year was Toyota. Millennials with wealth only had half of the degree of awareness of luxury car brands like Bentley, Maserati, Aston Martin, and Porsche as other demographics did.

The reality is that, while many luxury brands are worth the money paid, sometimes high-end brands are a waste of money. To help ensure that they get customized quality and high value, people sometimes secure the services of a luxury brand concierge. In September 2024, Vogue Business delved into the demographics of people who used that approach and how they used the concierge services via a survey of United States shoppers. Of the 1,116 people surveyed, 38% of them had incomes between $100,000 and $300,000, with 32% of them with even higher incomes. Focusing on 615 concierge users across multiple age demographics, 49% of Millennials used concierge services to find or buy luxury goods like fine jewelry, watches, handbags, or footwear. The survey also listed 12 ways that people who employ that service use, and shopping for luxury goods tied for first place with 47% of concierge users doing so. It was tied with getting reservations at exclusive restaurants. 

Tink, a Visa brand, noted how Millennials and Gen Z combined are making the largest numbers of luxury purchases annually, averaging 14 per person with Millennials. Nearly three in every four Millennials want to choose long-lasting quality products with 62% of this demographic willing to pay more for sustainable luxury/ethically produced items. When shopping for high-end items, 64% of this generation wants to know that payment methods are secure, preferably with no unexpected fees (42%) in ways that help to prevent fraud (38%).