There may be another factor creating so much wealth among millennials: inheritances. In what’s known as “the great wealth transfer,” baby boomers are expected to pass down between $70 trillion and $90 trillion in wealth over the next 20 years. Much of that is expected to go to their millennial children. High-net-worth individuals worth $5 million or more will account for nearly half of that total, according to Cerulli Associates.
Tensions between millennial classes are likely to escalate as more wealth is transferred in the coming years. Wealth displays on social media by millennial “nepo babies” could add to the intra-generational class war and drive nonwealthy millennials to overspend or create the appearance of lavish lifestyles to keep up.
The “aspirational spending” is real. It’s all over. It’s why you can finance just about everything on Amazon these days.
I’m shocked how many websites provide financing options for places like Klarna, and similar. I saw it start a few years ago, and my first thought was, “oh boy, this can’t be good”
“aspirational spending” and products on Amazon do not really go hand in hand, but i see your point.