Experiences Over Things: Rich Spending in the 2020s
If affluence in the 1980s was all about excess, bling, and over-the-top spending, the 2020s have pivoted to experiential luxury. For the rich in particular, wealth is now measured by experiences – not souvenirs they take home.
High-net-worth individuals are shifting their spending habits from tangible goods to breathtaking experiences. They don’t want to “keep up with the Joneses;” they would rather be the Joneses. This generation of affluent consumers is redefining indulgence; it is memories over materialism, exclusivity over accumulation.
Travel Is the New Language of Luxury
With long-distance travel now more accessible than ever – even in “the pointy end” of the plane – airlines offer discounted two-for-one seats in business and first class, with the option of premium economy continuing to gain popularity. The all-important selfie with a glass of Veuve in your lie-flat bed en route to the next destination is a must for Instagram or Tik Tok.
Hotels are also courting this new type of traveller, offering 5-star upgrades to loyal guests or those with exclusive credit cards packed with travel perks. The luxury travel market is evolving to reward these travellers with personalized services, bespoke itineraries, and elevated comfort. All these gimmicks are designed to make the journey just as memorable as the destination.
Travel as Status Symbol – Adventure Awaits
As the adventure travel market expands, so does its clientele. African safaris now include private guides and exclusive access to protected areas with limited visitor numbers. A safari camp might be a treehouse tent with a retractable bed that extends into the canopy of the jungle – luxury meets immersion.
Exotic destinations such as the Galapagos Islands or Antarctica are hosted by expert scientists who will educate guests on the wildlife encountered aboard opulent icebreakers or luxurious yachts. Such trips are not just vacations. They’re experiences that transform the traveller, blending education with conservation and indulgence.
For the ultra-wealthy, travel is not about ticking off “bucket list” locations. It’s about crafting adventures that reflect personal values, interests, and the desire for meaningful connection to the world.
Wellness Retreats: Eat, Pray, Love in Style
One of the fastest-growing luxury sectors is wellness and self-care. The top 5% of the world’s richest are wallet-rich but time-poor and have little time for relaxation, detoxification, and digital disconnection.
Retreats span the serene hills of the Himalayas, the beautiful beaches of Thailand, and the towering Alps of Europe. Guests can enjoy beauty treatments, meditation or yoga, and delicious organic cuisine from the privacy of their own decadent suite or villa. Introductions to the most popular gurus, therapists, and wellness practitioners are easy for the uber-elite in these settings.
Those with more time may opt for medical tourism; plastic surgery, dental work, and full-body detox programs top the list. Recovery doesn’t happen in a hospital bed but within a gorgeous hotel, with private nurses on hand. Wellness experiences like these are designed not just to pamper, but to rejuvenate and recalibrate. Whether it’s a week-long silent yoga retreat or an ayurvedic cleanse, the goal is to return home transformed – physically, mentally and spiritually.
Digital Escapes and Private Performances: Entertainment Transformed
Luxury brands – from fashion houses to automobile dealers – are now competing for consumer attention, often through immersive digital experiences. All it takes is an empty room and a VR headset to test drive the latest sports car on the Autobahn, sit front row with Anna Wintour at a Paris couture show, or even have your favourite celebrity read you a bedtime story.
While the rich certainly take advantage of them, digital escapes don’t have to be costly. Many now choose to play real money slots online instead of at lavish brick-and-mortar casinos because they offer convenience, privacy, and personalized entertainment online with only a small financial outlay.
Entertainment is also becoming more intimate. Famous singers, bands, and other celebrities offer private performances for an exclusive audience – sometimes just a handful of guests. This generation of the wealthy values the bragging rights of seeing the latest sensation up close and personal, often in settings that are as sumptuous as they are discreet.
Whether physical or digital, entertainment is now curated to personal taste and is a far cry from the huge, public spectacles of the past.
Goodbye Birkin, Hello Life Moments: The Pivot From Possessions to Memories
Personal enrichment in the 21st century looks very different from that of decades past. Where wealth was once flaunted through physical possessions, access to elite experiences now holds more value. With so much of our life shared online, we aspire to live and post these moments ourselves. Owning the very latest $45,000 handbag may have been a status symbol once, but being personally invited by the designer to watch it being made? That’s a next-level experience very few can claim to have had.
Mindful spending is the new norm, with the ultra-wealthy choosing to host unforgettable experiences with loved ones in elite settings. Millennials and Gen Z, in particular, value the joy of connection over traditional symbols of wealth. This shift is also reflected in how people are celebrating milestones such as birthdays, weddings, and anniversaries, which are now often marked by incredible events rather than gifts. Think private wine tastings in the Chilean Andes, Beyonce performing at a 250-person wedding in Dubai, or booking out the hottest new restaurant for you and your 10 besties.
The message is clear: the world’s richest are no longer chasing things – they’re chasing moments, reshaping the very definition of luxury for generations to come.
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