Bespoke experiences, sustainable choices: Millennial women invest in mindful luxury shopping

When you think of a ‘luxury shopper’, the image of someonewith a high-profile job or established business, owning a lav-ish home, and freely spending on top-notch international brands comes to mind, right?

- Shikha Shah

But, today’s luxury consumers are different from the traditional wealthy high net worth individuals (HNIs) of the past. Today’s luxury consumers are HENRYs (High Earners Not Rich Yet), millennial professionals who earn handsomely but are not rich yet. And they are driving the luxury market in the country now.

REDEFINING LUXURY

The pandemic has redefined luxury for many, especially women since they are more active in spending on luxury products and experiences, compared to men. Millennial women who are luxury shoppers are discerning - for them luxury shopping is therapeutic as they feel fulfilled when they buy a rare, exclusive product. They also expect luxury brands to be environmentally conscious and take a stance on sustainability, race, and gender. “Female luxury consumers don’t want to belong to a herd now. They are more educated about concepts like sustainability, recycling, environment conservation etc, and this has led to mindful spending on luxury,” says psychologist Harsheen Arora.

WOMEN INVEST IN AUTHENTICITY