Ultra-wealthy millennials in the United States are increasingly spending their money on high-end jewelry and watches, a new study reveals.
The study focuses on the financial behaviors of 28 to 43-year-olds with a net worth exceeding $3 million. According to the Millennial Mindset Report, produced by Worth Media Group in collaboration with Boston Consulting Group (BCG), these affluent individuals are prioritizing purchases of luxury items more than their less wealthy peers. Last year, 71 percent of them reported buying luxury goods, with significant increases in purchases of jewelry (up 68 percent) and watches (up 59 percent).
Aside from material possessions, family values play a central role in their lives. Many are married and raising children, and also hold their pets dear. The report highlights their commitment to personal well-being, with many adopting healthy lifestyles to support their ambitious pursuits.
The survey, which included nearly 2,600 affluent millennials, revealed that 82 percent have an annual household income over $250,000, and 12 percent have a net worth exceeding $5 million. They are described as prioritizing investments in luxury goods, fine jewelry, and exclusive timepieces to curate status-enhancing collections.
However, the report also noted a trend: fewer than a quarter of respondents donated money to charity in the past year. Instead, 76 percent preferred to contribute their time and skills, citing skepticism about the impact of monetary donations. Additionally, 68 percent of donors are actively involved in charitable causes beyond financial contributions.
