Rs 15,000 sneakers, fancy holidays, expensive iPhones: Financial advisor shares why Gen Z is spending big on luxury items

Financial advisor Prem Soni says Gen Z spends on Rs 15,000 sneakers and expensive iPhones because traditional milestones feel unreachable. He argues this reflects the "Lipstick Effect," where young people choose small luxuries over saving for homes costing Rs 3 crore. Many now prefer immediate enjoyment instead of long-term financial goals.