According to a 2024 PYMNTS Intelligence report, 79% of millennials and GenZ turn to social media platforms for financial advice, with TikTok leading the way. As younger populations deem these platforms a valuable source of financial knowledge, an emerging trend in these spaces has begun to suggest that luxury handbags could become the next major asset class for investors.
'When a man tells you to invest in the stock market but you know Hermès Birkin bags give you a better return on investment,' according to an influencer. While seasoned investors and financial experts are sceptical of making financial moves based on social media trends, a growing group of GenZers is convinced by social media financial advice on outperforming the S&P 500.
