Millennials Are Not Just Spending. They Are Revenge Living.

Why are grown adults queuing for hours to snag a limited-edition plushie they don’t technically ‘need’ or splurging on artisanal coffee they could easily make at home?

It’s easy to chalk this up to marketing gimmicks or impulse spending, but the truth runs deeper.

In an era where ownership no longer equates to status and curated experiences outweigh traditional product value, a curious shift is taking place - especially among Southeast Asia’s millennials. Call it a form of emotional compensation or post-crisis indulgence, but increasingly, consumers are engaging in what we’re calling revenge living: the desire to reclaim joy, spontaneity, and experiences that once felt out of reach.

This isn’t just about post-pandemic revenge spending. It’s more nuanced than that. It’s the response of a generation who came of age amidst financial turbulence, rising costs, and societal expectations; who are now older, more financially capable, and craving meaning in how they spend.

From self-treats to binge-worthy comfort content, revenge living is less about what’s bought and more about what it represents: control, comfort, and emotional connection in an unpredictable world.

In Southeast Asia, one way this is playing out is through merch mania. Think McDonald’s seasonal collectables or the thrill of blind-box unboxings from brands like Pop Mart.

Increasingly, more brands are embracing the plushie and collectibles wave as a way to connect emotionally with consumers. Sunway Pyramid’s Labubu-inspired Leobubu tote bag transformed a mall mascot into a viral plushie, while OldTown White Coffee Malaysia launched a series of miniature collectible sets and, more recently, limited-edition plush toys.

The message is clear: this emotionally charged trend is resonating with millennial consumers, and it’s not going away any time soon. 

Why Millennials, Not Gen Z or Alpha?

1. They’re in their prime earning years. 
Millennials in Southeast Asia are now in their late 20s to early 40s - their peak earning years. With more financial freedom compared to their younger counterparts, they’re finally able to indulge after a decade of “delayed adulthood” brought on by student debt, rising house prices, and economic instability.

2. They’re making up for missed experiences. 
This is a generation that has weathered 9/11, multiple recessions, and, more recently, the COVID-19 pandemic. Many postponed life milestones like travel, home ownership, or starting a family. With those still out of reach for some, small indulgences such as collecting delicately cute items or queueing for a merch drop become symbolic acts of self-fulfilment.

3. They crave emotional and cultural connection. 
Unlike Gen Z, who lean more into digital-native trends, millennials straddle both online and offline worlds and they’re drawn to tangible experiences that feel emotionally resonant. For many, this comes through nostalgia: a love for Sanrio, anime, 90s cartoons, or even vintage Southeast Asian icons. Having grown up during the rise of global pop culture while still rooted in local traditions, millennials are uniquely positioned to appreciate merch and collaborations that evoke both childhood memories and cultural identity. It’s not just about the item, it’s about what it represents. 

83% of millennials said they deserved a treat, and nearly three-quarters indulged to relieve stress. 

What Millennials Are Really Indulging In

We asked our own millennial team members what they’ve recently indulged in, and why. Their responses reveal an emotionally resonant pattern that speaks volumes about how this generation is navigating life today.

While indulging in collectibles and merchandise featured among their choices, it ranked below other favoured ways to treat themselves. Top indulgences included dining out and enjoying quality food and drinks, binge-watching favourite shows or YouTube channels, and buying concert tickets or merchandises. Some also found joy in picking up new hobbies or classes just for fun, while others turned to doomscrolling social media as a form of escape.

But the real story lies in why they did it. An overwhelming 83% said they simply felt like they deserved a treat, while nearly three-quarters cited stress relief as their motivation. For others, it was about escapism, nostalgia, or simply reconnecting with things that reminded them of their childhood. Many also mentioned having the spending power now as a reason to finally indulge.

It’s clear that these behaviours aren’t about mindless consumption. They’re emotionally charged decisions - intentional, meaningful, and deeply human.

Why Brands Should Pay Attention

Revenge living is not a flash-in-the-pan trend. It reflects deeper psychological and social shifts. Brands that grasp this are already seeing stronger emotional engagement, community building, and organic word-of-mouth.

To resonate with this mindset, brands should focus on:

• Deliver experiential value beyond core offerings
• Design for nostalgia, personal identity, and social expression
• Foster belonging and anticipation, whether through timed drops, or exclusive designs or content

As Harvard Business Review notes, “emotionally connected customers are more than twice as valuable as highly satisfied customers.” 

Revenge living is less about what’s bought and more about what it represents: control, comfort, and emotional connection. 

Conclusion: The Cultural Power of Revenge Living

Millennials are no longer the frugal, avocado-toast cliché of the past. In Southeast Asia, they’re emerging as emotionally complex, experience-led consumers with a taste for storytelling, community, and intentional indulgence.

Revenge living is how they’re rewriting the rules of spending - not with extravagance, but with emotion, nostalgia, and self-affirmation.

For brands that can tap into this zeitgeist? The reward isn’t just sales, it’s relevance.