Appearances can be deceiving. Millennials represent the fastest-growing segment of luxury goods-and-services purchasers, according to a recent study by American Express. Yet they are also giving rise to a new lifestyle that can be characterized in two words: frugal and green.
How to explain such a contradiction? It’s actually two sides of the same coin. To splurge on the high-quality items they covet, especially just-off-the-line electronics, Millennials scrimp in other areas. But even as they look for coupons, sales and promotions and stray from well-known brands to keep their cash-strapped budgets in check, they choose “makers and products that are socially responsible…. fair-trade and offer lower carbon footprints,” notes Ana Nennig, EVP of global consulting firm Havas PR.