Generational shifts: How Millennials and Gen Z are shaping luxury real estate
Updated On: 23 August, 2024 10:21 AM IST | Mumbai | mid-day online correspondent
The influence of Millennials and Gen Z is steering luxury real estate market away from traditional notions of wealth and excess, towards a future that prioritizes sustainability, technology, and personalized living experiences
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Image for representational purposes only (Photo Courtesy: iStock)
Written by Ashok Chhajer
Luxury real estate has long been associated with grandeur, exclusivity, and opulence. Historically, these qualities were reflected in sprawling estates, ornate architecture, and extravagant interiors that signaled wealth and social status. However, as Millennials and Generation Z begin to dominate the market, the concept of luxury is undergoing a profound transformation. These younger generations, shaped by unique experiences, values, and technological advancements, are redefining what it means to live in luxury. Their influence is steering the real estate market away from traditional notions of wealth and excess, towards a future that prioritizes sustainability, technology, and personalized living experiences.
Millennials, born between 1981 and 1996, and Generation Z, born between 1997 and 2012, have grown up during significant global change. Economic recessions, technological revolutions, and an increasing awareness of environmental issues have profoundly shaped their outlook on life. Unlike previous generations who might have viewed luxury as an accumulation of wealth and material possessions, Millennials and Gen Z are more focused on the quality of life and the experiences that their homes can offer. This shift in priorities is changing the landscape of luxury real estate in ways that are both innovative and reflective of a broader societal transformation.
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