Gen Z, Millennials, Gen X & Boomers Have 5 Completely Different Ideas Of What Luxury Means
Darren Baker | Shutterstock Each generation views financial independence and wealth in very different ways, and luxury is included within that. Because the world has changed so drastically in the last 50 years, there's no way to objectively define what is luxurious anymore.
A beachfront vacation home may be an attainable luxury to a boomer, but owning a home isn't even an option for many younger generations. It's all about the world you grew up in.
The different ways each generation from boomers to Gen Z thinks of luxury:
1. Time with family
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Boomers were a generation of really hard workers. They weren’t always around when their kids were growing up because they thought it was more important to make money to support their family. That was peak luxury. A nice house and a well-taken-care-of family.
Gen X, however, prioritized spending time with family a little bit more. They wanted work-life balance, and family was a big part of what made up a good life for them. Millennials care less about spending time with their family, but not for the same reason that baby boomers do.
Research has shown that only three in ten millennials live with a spouse or child, which is drastically lower than previous generations. Gen Z tends to have the same view on things. They think a life of luxury is living on your own because they're at an early age. Having the money to move out and live on their own is their version of luxury.
2. Practicing self-care
Boomers thought luxurious self-care would be getting into comfortable clothes and relaxing. That wasn’t something they did often because they were hard workers. They thought a comfy and relaxing day was luxurious.
Gen X already prioritized work-life balance, so they didn’t see relaxation as a luxury. They saw it as something necessary. Their version of luxurious self-care would probably be a membership to a nice gym so they could maintain their physical health.
Millennials have experienced the explosion of self-care trends on social media. They think luxurious self-care is buying whatever products are trending at the moment. They think it's a luxury to have visually appealing self-care routines.
Gen Z still participates in these trends, but they’ve grown up with technology in more parts of their life than any other generation. They know how important it is to keep your phone on you for an important call or text, and they’ve also been taught to always stay connected. Their idea of luxury would be getting time to unplug.
3. Retirement
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Boomers thought that a life of luxury was making as much money as you could before you retired. Gen X also wanted to make a lot of money, but they had much more fear about retirement. They think having the economic stability to retire is a luxury.
Millennials share their fear, but they don't just want the ability to retire. They think a truly good retirement is receiving a pension benefit to help support them during those years. They don't want to just have enough money to live. They want financial flexibility in those years.
Gen Z is the generation farthest from retirement, so their views are the most different. Instead of retirement, they see people in their generation quitting their jobs to become influencers. Rather than retirement, that generation thinks not having to work a traditional job would be a luxury.
4. Travel experiences
Boomers grew up in a generation that preferred to save their money instead of spending it on nice vacations. They thought it would be a luxury to get a simple weekend away. Gen X differed from them because they didn’t mind spending a little bit of money if it meant a good trip.
They think it's luxurious to take their whole family to a cool place. A new and exciting experience would be their version of a luxurious vacation. Millennials also like cool experiences, but they prefer doing them with a romantic partner. Getting a break from their kids or other family members would be a luxury to them.
That might not be enough to be counted as a luxurious vacation to someone in the Gen Z generation, though. They're at an early stage in their life, so they're more focused on vacations with friends. Getting a group of their friends together to go somewhere would be the luxurious vacation that generation is looking for.
5. Owning a home
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Homeownership has dropped to an all-time low in recent years. That’s because Gen Z doesn’t see it as a priority the same way past generations do. According to the National Association of Realtors, only 4% of Gen Z owns a home. In comparison, 42% of baby boomers own a home.
There’s a limited number of homes available, and the housing market is only getting more expensive. Millennials and Gen Z can’t always afford to buy, and so they’ve started to see homeownership as more of a burden than an achievement.
Gen X tends to view it similarly to baby boomers, but they see it as more of an investment. While the older generations see home ownership as a great luxury, the younger generations don’t agree. They’d rather spend their money in other ways because it’s simply not something they can independently achieve.
Lily Bell is a college student studying English and Publications who covers relationships, mental health, and personal narratives surrounding the human experience.
