Facts suggest luxury travelers are taking their race to keep up with the Joneses online. The study, conducted by the American Institute of CPAs, says a large amount of Americans feel envious when their social media connections post about a luxurious vacation or purchase, with the same users admitting they post solely to show off their own luxurious experiences. About 39 percent of survey respondents said seeing a luxury vacation or purchase on their social media feed inspires them to look into a similar trip or product; around 11 percent are actually making the purchase. About one-fifth of respondents additionally confess they choose more luxurious options in order to appear more affluent online. The age group most likely to fall prey to patterns of this behavior is millennials, twice as likely as baby boomers to exhibit the above. “Social media has vastly expanded the number of ‘neighbors’ people are trying to keep up with. That can lead to a feeling of financial inadequacy and a desire to spend money you may not have. Some people are purposefully curating a more glamorous image on social media and, unfortunately, it can have a negative financial impact on their friends and followers who feel compelled to keep up with them,” said Gregory Anton, chair, National CPA Financial Literacy Commission. The study polled more than 1,000 Americans, 67 percent of whom have social media accounts, and 48 percent of whom check their accounts more than once a day.
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