Why Young People Don’t Buy Luxuries Anymore

If the previous generation had put yardsticks to measure the success of an individual, then this generation is doing a wonderful job at breaking those yardsticks and writing a whole new story. We are the generation who has shifted from possessing material delights to prove that we are doing well in life to indulging in the best of experiences. It’s a healthy trade off between the things that we really need and can do without. It would be incorrect to say that everyone has been following this trend but yes, a shift in preferences has been noticed in the youngsters take on life. Now young people don’t buy luxuries anymore.

We would prefer to save for different reasons altogether. For instance, I would love to take a world trip with all the money that I may be able to save throughout my career than buying a high-end luxury car or a penthouse. This shifting trend can be attributed to many reasons.

 

The burden of loans

Admit it houses cost a fortune. Our incomes are not increasing at the same pace as the expenses we have to incur. In such a scenario you cannot really expect to pay for a house or apartment with your meager income and that is when bank loans come into play. The rate of interests on house building loans is humongous and paying off the entire amount would mean a liability of years. I mean who likes the second text right after the salary credited text that shows a large chunk of your hard earned money going right into the bank’s belly?

 

Rent it out

This generation would rather rent than own. Owning things come with its own shackles. Rent everything, from homes to cars to tuxedos, everything. It sure does cost lesser than buying it. You can pay rent for an apartment and not worry about it if ever you have to relocate to some other city or plan to travel for the next whole year. Pretty convenient.

 

Invest in experiences

We would rather travel the whole world and stay with locals at far-fetched places than worry about owning the top model of a Rolls Royce. You cannot take these luxuries with you when you die but if you have a treasure of experiences then you have actually lived your life to the fullest.

 

A plethora of things to do

Yes, there are a plethora of other things to do other than putting all your money into buying luxuries in life.  You can travel, volunteer with NGOs, learn a new language or art form, turn your passion into your profession, start your own entrepreneurial journey, Open up awareness about climatic changes, help people build solar homes, teach people benefits of rainwater harvesting, sponsor an orphan, or simply help people in need. The feeling you will derive from such experiences is beyond words.

 

Mobility

We are the generation that is constantly moving. We left the cozy comfort of our homes for higher education, better job profiles, better opportunities and better lives. Changed preferences and better opportunities are the reasons why we have to move a lot between cities and countries. Under such circumstances, why would you bother to burden yourself with the onus of a huge apartment or a swanky car?

 

Ownership doesn’t equate to happiness

Gone are the times when owning the best sedan in the neighborhood meant a status symbol.  People don’t really care much about the car you drive these days. People will listen much more intently about the perils of the Everest Base trek that you managed to pull off or about the time you visited the sets of a famous TV Show in Hollywood.

 

Therefore, there has been a shift in the preferences of this generation from owning luxurious belongings to owning amazing experiences and this is about to bring a real wave of change for the generations to come. This generation is coming forward with innovative solutions to age old problems we have been dealing with. Every other day there is some youngster’s real life story that has inspired millions others to do something similar. For instance, the engineer who lit up and entire village with electricity after years of darkness turns out to be the real hero and not Gupta uncle’s son who owns a Hummer. Yes, that engineer is the kind of people that inspire us and his kind of experiences are what we would love to own.

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