Expensive brands and luxury items for today’s Jane Ji and Millennials are no longer far away. Earlier, where designer handbags or branded shoes were purchased only on special occasions, now the youth is making their own by purchasing them in EMI. This trend has increased this trend on social media showing glamorous lifestyle and pressure from others. In small installments of the month, the purchase of expensive goods gives satisfaction, but the financial danger is also hidden behind it. Experts say that uncontrolled EMIs can affect savings and financial security.

Luxury shopping and credit culture

Experts say that nowadays the purchase of expensive goods from EMI has become easier. Although it gives happiness at that time, it can also put financial pressure in the long run. The increasing trend of credit can be beneficial for the Indian economy, but uncontrolled shopping at the individual level can prove to be dangerous.

Social media and pressure

Social media has a major influence on Jane ji and Millennia. Constant videos of magnificent lifestyle and pressure from others inspire the youth to buy luxury on EMI. Experts believe that today’s generation wants to experience expensive goods immediately with the mindset of Live in the Now.

The correct meaning of luxury saving or status

Earlier Lakjari meant savings but now it has become an experience, status and sharing thing. High class dining club or premiere events are examples of this change. Where people are spending money for expensive experience. The same EMI facility seems attractive from far away but the burden of many installments can increase financial pressure. The consistent spending weakens the habit of savings and the credit score may be affected if there is a delay or lapse in repaying the debt. Apart from this, the habit of more expenses can also reduce mental stress and self -esteem.

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