Yahoo Finance Wealthy Millennials and Zoomers Are More Interested in Collectibles Than Any Other Generation: Report
Sales of collectibles can bring in the big bucks—and more than ever, it seems like that money is coming from younger and younger people.
High-net-worth millennials and Gen Zers in the United States have the most interest in collectibles, according to Bank of America’s 2024 Study of Wealthy Americans. Among that subset, a whopping 94 percent of respondents said they were into collecting items like watches, jewelry, and wine. Compare that with 80 percent of Gen Xers and just 57 percent of Baby Boomers.
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“We’re living through a period of great social, economic and technological change alongside the greatest generational transfer of wealth in history,” Katy Knox, the president of Bank of America Private Bank, said in a statement. “Our study shows that wealthy Americans are focused on diversification, long-term goals and making a lasting impact with their wealth.”
One place of particular interest is the collectibles market, which some may be using as a means of investment, although the Bank of America report doesn’t specify that as the reason. In several luxe categories, those under the age of 44 are at least twice as likely as their older peers to be collectors: That includes watches (46 percent versus 19 percent), wine and spirits (36 percent versus 13 percent), rare and classic cars (32 percent versus 9 percent), and sneakers (30 percent versus 2 percent).
Across all the collectibles mentioned in the report, that age group surpasses its elders in all but one: coins. Even then, though, their coin collecting is pretty much on a par with that of older generations, 26 percent versus 27 percent. And while Bank of America considers art separate from the broader category of collectibles, 83 percent of young wealthy Americans said that they currently own art or would like to in the future, with their enthusiasm for the art market outpacing that of their older compatriots.
To arrive at these data, Bank of America surveyed more than 1,000 high-net-worth individuals throughout the U.S. All respondents were at least 21 years old and had at least $3 million in investable assets, not including their primary residence. Along with the collectibles information, the bank assessed investing trends, estate planning, views on philanthropy, and more.
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