Image courtesy: CNBC
It’s a trend we keep reading about . . . Generation Z (or Zoomers), born between 1997 and 2013, living with their parents. But, it’s not for the reason you might think.
No, it’s not because of COVID, at least not anymore. At the height of the pandemic, many families coalesced around the original family home, creating their own safe bubble and support system. With remote work and school, there was no reason to stay. And so, they gave up homes and apartments and saved money.
Then, BTO rules began to kick in. Unfortunately, rents began to rise at or about the same time. You might think zoomers are staying home because they can’t afford to pay for their own home. And while that may be true for some, there’s a bunch flaunting in the news and on tik tok a new priority . . .
Living with the parents in order to buy luxury handbags and other items. One report cites a woman living at home in order to save up for a Hermès Birkin. Others may not have had the intent to purchase designer goods but found that living at home because rent was unaffordable, provided disposable income for these purchases. As we’ve written before, Gen Z developed an appetite for these high quality and status items at a younger age than any other generation.
Whatever you might think of that as a priority, or from a parenting perspective, there is one clear winner: Luxury Brands.
For examples read these. And remember, two is a coincidence; three or more is a trend.
https://stories.camden.rutgers.edu/luxury-of-living-at-home/index.html
https://www.vice.com/en/article/7kxp9x/young-people-moving-back-in-parents-birkins
https://fortune.com/2022/12/13/gen-z-young-millennials-way-afford-luxury-handbags-watches-living-mom-dad-morgan-stanley/
- Maura Carlin posted 1 year ago
- last edited 1 year ago
