Many members of Generation Y in the U.K. are refusing to give up their luxuries despite the credit crunch, according to research conducted by international public relations agency MS&L. Cushioned from the impact of the economic downturn, young professionals aged between 28 and 35 with no kids continue to reward themselves with frequent non-essentials such as designer make up, decent wine and mini-breaks because, in their own words, “I deserve it.”
“This notion of the ‘deserving rich’ is unique to this age group who are currently unaffected by job losses, have no mortgage or school fees to pay and whose idea of cost-cutting means trading down from Waitrose to Sainsbury’s,” says Professor Peter Lunt, retail psychologist at Brunel University who led the research on behalf of MS&L. “This audience expects ‘everyday luxury’ to enchant their lives.
He adds that the definition of “luxury” is shifting from high cost items that are used to portray status to “new luxury,” which includes “smaller, often daily purchases that provide a buffer against the gloom of everyday life.”