WEEKENDS SPENT sailing on the French Riviera. Summer nights sipping champagne in the Bahamas. Christmas holidays skiing in the Swiss Alps. Large manors with sprawling Moores (with a stable full of thoroughbred horses nestled on the outskirts, of course). And —most importantly — an expensive closet overflowing with crisp linens, polo shirts (Ralph Lauren) and designer purses, shoes and sunglasses. This is the way of ‘Old Money’ — as far as TikTok understands it anyway.
The term ‘Old Money’ — and the lifestyle and status that comes with it — has been a point of fascination for decades. The secret lives and unspoken codes of the obscenely wealthy have served as a backdrop for countless television shows and films — like Emerald Fennell’s upcoming Saltburn, a searing take on the underbelly of the upper class — inspired many a novel and, in essence, been the gold standard of what one can achieve under capitalism. For the most part, it was a lifestyle that lived in the realm of dreams, under the guise of if you work hard enough, you too can live like this. And now, the ideal of old money has hit the eyes of younger generations thanks to social media.
At the time of writing, #OldMoney has garnered over 2.5 billion views on TikTok, with #OldMoneyAesthetic and #OldMoneyOutfits accruing 946 million and 222.5 million views, respectively. Videos featuring attractive young people, impeccably dressed and lounging in stunning locations, have become commonplace on the app.
The Oxford definition of ‘Old Money’ is “wealth that has been inherited rather than earned.” Accordingly, the aspiration to live a literal old money lifestyle seems fruitless, given you quite literally have to be born under the right circ*mstances, with the right family name (and a sizeable inheritance), to ever achieve it. Perhaps this is why the aesthetic, at least in the eyes of the younger generation, has become so style-centric. ‘Old money’ is now an aesthetic trend rather than a lifestyle goal.
Cast your mind to some of the major fashion trends that have spread on TikTok this decade. Tennis-core, the Equestrienne trend, the coastal grandmother; all of them are offshoots of the old money vibe. Even the shows we talk about — Succession, Gossip Girl, etc. — are talked about online in the context quiet luxury and old money. When many facets of this aspirational life are unattainable (though we can still dream of weekends spent frolicking on superyachts cruising Europe’s southern coastlines), the look, in many ways, is not.
Staples of the ‘old money look’ include the aforementioned linens, polos and “quiet luxury” designer items, in addition to argyle vests, white sneakers, capris, quilted coats and tailored pieces.
Gen Z are beginning to come of age. But, as they move into their early 20s, a time where they would typically have more buying power and disposable income, many have been knocked by post-covid inflation and rising costs of living. This is a time when, in Australia at least, even buying your own home feels somewhat unachievable for many young people.
For many young people with old money aspirations, buying from designer retailers is out of the question (did someone say cost of living crisis?). Instead, they have been turning to second-hand sellers to get their digs (since the rise of #oldmoney on TikTokm Depop has seen a 70 per cent increase in searches for ‘collared shirts’, and a 76 per cent increase for ‘trench coats’).
In short, this recent rise in young peoples’ infatuation with extortionate wealth feels paradoxically at odds with, and also symptomatic of, a period of economic instability. Several economic theories may be able to explain Gen Z’s move into a more demure style (and subsequent shift away from the glitzy Y2K looks).
For example, In 1926, economist George Taylor coined the hemline index, theorising thatwomen’s skirts get shorter during times of financial prosperity and longer in a recession. Then, there’s former consumer IBM’s consumer products expert Trevor Davis, who conducted a study which found that long periods of recession led to the hight of high heels getting lower. In short, we are casting away sky-high platforms and mini skirts in favour of more demure styles.
That being said, maybe it isn’t all about the money.
As Depop’s Brand and Catagory Manager, Agustina Panzoni, notes, the trend could simply be a marker of maturity.
The old money aesthetic “has been revitalised into a 21st-century reboot, removing the presence of logos and the only for rich and famous stigma,” Panzoni explains.
The look is no longer just about the subtle codes of wealth, and as the trend has shed its class-based associations, Gen Z has found myriad benefits within it. In particular, the trend places a large emphasis on quality items.
“Today, the trend is more about an emphasis on quality and craftsmanship rather than high priced luxury items, whether that’s from second hand heritage brands or up and coming designers,” Panzoni adds. “The old money aesthetic is easily moulded to many personalities whilst being practical and conscious-minded — especially easy to achieve in a circular fashion economy.”
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Although old money may seem worlds away from sustainable fashion, the ideas converge in their emphasis on high-quality pieces in neutral shades that can be worn interchangeably and will last.
The new old money aesthetic isn’t so much about looking wealthy, but rather shopping consciously and investing in your wardrobe. It may be a ‘trend’ per se, but the look associated with it is one that can carry you throughout decades, and the pieces are intended to last. Purchasing from second-hand retailers, offers an opportunity to embrace classic stylings without feeding into the cycle of fast fashion. The appeal of being ‘timeless’ is that you can curate a wardrobe that can be worn forever, with pieces that will never age or be lost to the whim of trends.
So, go forth with your old money aesthetic — though the lifestyle may be out of reach, the look is just a click away.
