According to CNN, the new luxury gift this year is an experience. Rather than treating loved ones to clothing or electronics, the new trend is supposedly providing them with an experience and the memories associated with it.
If you ask the people who sell these gifts, they will tell you it’s an escalating trend. I don’t know about his trend. No one in my social circle can afford a private performance by Elton John at $1.5 million. For that money, they do let you keep his red baby grand piano after the performance, so at least you get to retain more than just the memory.
I assume that the gift of Elton John may not be the first choice on everyone’s list, but other experiences people could share are the likes of hot-air balloon rides, sky diving, a romantic dinner at a nice restaurant, taking a flight into space.
I shouldn’t be upset that I can’t afford this type of lifestyle. It is driven by aging baby boomers who have a large amount of disposable income. According to the National Retail Federation, consumers will spend an average of $738.11 this holiday season. That’s pretty close to the amount I’ll be spending on surgery.
Updated February 7, 2012 and originally published November 10, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.