Gen Z and Millennials are investing in jewellery, sneakers, and fine wine
In the current financial landscape, there is a clear emerging trend: wealthy Gen Z and Millennials are focusing their attention on new forms of investment instead of choosing traditional investment channels.
According to a new survey by Bank of America (BofA), wealthy young people are increasingly turning away from traditional assets in favor of more unconventional investments, such as millennials. Gen Z and Millennials choose to buy rare watches and cars instead of simply following the traditional path of investing in stocks and bonds. Among them, Only 28% of individuals aged 44 years and older are cautious when holding all their assets in stocks and bonds.
Part of the reason, the survey found, is that 94% of Gen Z and millennials are interested in collectables like watches and jewellery, with sought-after wines and spirits topping the list. They also show an interest in rare cars, antiques, sneakers and art.
After all, their interest is perhaps not surprising since “the wealthiest generation in history” has demonstrated an interest in the finer things and more enjoyment in life. . In January, a report from Bain & Co revealed that by 2030, Gen Z will account for 25% to 30% of purchases in the luxury goods market, while Millennials will account for 50% to 55% .
By 2030, it is predicted that Gen Z will account for 25% to 30% of purchases in the luxury market, while Millennials will account for 50% to 55%.
This indicates a growing tension between older high net worth individuals and their younger counterparts.
Most millionaires have higher hopes for the future when looking at three factors: inflation, GDP and the performance of the S&P 500. Investment trends among wealthy Gen Z and Millennials are changing strongly, reflecting a change in the way they view investment and financial management. With their choice to invest in cryptocurrencies, digital assets and startups, they are paving new paths, creating a strong and sustainable financial future.
