Moments over materials: How Gen Z is redefining the meaning of wealth
Welcome to Gen Z’s version of wealth, where the wealthiest people aren’t those with the fullest wardrobes but those with the fullest passports and most vibrant social media memories.
DASHWEENJIT KAUR24 Jan 2025 06:33pm

Photo for illustrative purposes only. Photo: Canva
For previous generations, that kind of luxury consumption defined success. But today’s twenty-somethings are telling a different story.
They’re more likely to spend their savings on Coachella tickets than Hermès bags, opt for a road trip with friends over a Rolex watch, or invest in learning to make pasta in Italy rather than purchasing the latest iPhone.
Welcome to Gen Z’s version of wealth, where the wealthiest people aren’t those with the fullest wardrobes but those with the fullest passports and most vibrant social media memories.
This isn’t just anecdotal. While their parents’ generation might have queued for the latest Louis Vuitton bag or rushed to buy property in their 20s, today’s youth are lining up for Taylor Swift or Coldplay tickets and planning group trips for Japan’s cherry blossom season.
It’s a seismic shift in how an entire generation views success and happiness, turning traditional notions of status and wealth on their head.
The numbers tell a compelling story.
According to Klook’s 2024 Travel Pulse research, 64 per cent of millennials and Gen Zs are increasing their travel budgets this year, with nearly half willing to allocate up to 50 per cent of their funds to experiences.
Even more tellingly, 69 per cent are booking activities before they even book their flights. This isn’t just travel—it’s a deliberate investment in creating memories.
To understand this shift, we must explore how different generations have approached consumption.
McKinsey’s True Gen study breaks it down in a fascinating way: Baby Boomers (1940–1959) saw consumption as an expression of ideology — think vinyl records and films as status symbols.
Generation X (1960–1979) focused on traditional markers of status, such as luxury cars and designer brands.
Millennials (1980–1994) began tilting towards experiences, but Gen Z has completely revolutionised the concept.
The transformation is especially clear in how young people approach travel and social connections.
Klook’s research shows that 65 per cent of Gen Z travellers prefer frequent, shorter trips over extended getaways, maximising opportunities to create what they call "core memories" – a term popularised by social media that perfectly encapsulates their priority of collecting moments over things.
These aren’t solo adventures either; nine out of 10 Gen Z travellers actively seek to share these experiences with others, whether with family (26 per cent), partners (30 per cent), or friends (21 per cent).
Live Nation’s Love Song study adds another layer to this understanding, revealing that 94 per cent of Gen Z prioritise activities that bring joy over material possessions.
Perhaps most revealingly, 81 per cent subscribe to the philosophy of “having as much fun now and letting the future look after itself” – a notable rise from 74 per cent in 2023.
This isn’t recklessness; it’s a deliberate reprioritisation of what matters.
But this generation isn’t just choosing experiences over possessions — they’re redefining how they share and validate these experiences.
According to Klook, 96 per cent actively post about their journeys on social media, not merely to document but to cherish and share memories with their community.
Unlike their parents, who might have displayed wealth through luxury cars in their driveways, Gen Z’s status symbols are more likely to be Instagram Stories of sunset yoga sessions in Bali or TikTok videos of street food adventures in Bangkok.
The workplace hasn’t escaped this shift either. Deloitte’s 2024 Gen Z and Millennial Survey reveals that young professionals increasingly value flexibility and work-life balance over traditional career metrics.
They’re more likely to choose a job that allows them to work remotely while travelling than one offering a corner office.
This generation isn’t afraid to act on its values either — 50 per cent of Gen Zs report having rejected assignments or projects that didn’t align with their personal ethics.
There’s an environmental consciousness underlying this shift too.
With 62 per cent of Gen Z reporting anxiety about climate change in Deloitte’s survey, choosing experiences over material possessions isn’t just about personal fulfilment — it’s an environmentally conscious choice.
A concert ticket or a cooking class leaves a smaller carbon footprint than fast fashion or the latest gadgets.
This shift demands a complete rethinking of businesses’ value propositions. It’s why luxury brands are creating “experiences” rather than just products and why platforms like Klook are thriving.
They’re not just selling services — they’re facilitating memories and connections, the new currency of wealth for Gen Z.
As we witness this transformation, it’s clear that Gen Z isn’t rejecting success — they’re redefining it.
In a world where anyone can buy fake designer goods or lease a luxury car, authentic experiences have become the true marker of wealth.
After all, you can’t counterfeit a sunrise over Machu Picchu or fake the feeling of mastering a new skill with friends.
The revolution is quiet but unmistakable.
For Gen Z, the richest life isn’t about what you own but what you’ve experienced, learned, and shared. And maybe — just maybe — they’re onto something bigger than all of us.
Want to find out if you're more suited to the high life, or if material goods just don't matter as much to you? Take our quiz to see what values you really hold. Click here to find out!
Download Sinar Daily application.Click Here!