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Posted 2024-04-15 06:47:18  
Millennials Buying Horses to Show Off

Henry Beeby is promoting an enticing opportunity for young, affluent social media influencers. He invites them to Kensington Gardens where, within days, they can purchase a racehorse and participate in the prestigious Royal Ascot parade ring alongside British and other royal family members, showcasing their own racehorse in personalized colors.

Beeby, CEO of Goffs, a renowned thoroughbred racehorse auctioneer with a history dating back to 1866, believes that the glamour of horse racing, complete with top hat and tails dress code and luxurious champagne, appeals to wealthy millennials eager to flaunt their lifestyles on social media. With over 40 years of experience in the industry, Beeby sees targeting millennials as a strategic move due to their increasing wealth, fueled by an expected $70tn inheritance from older generations over the next two decades.

Highlighting the thrill of ownership and the joy of seeing one's horse and jockey donning personalized colors on the track, Beeby emphasizes the unique experience of horse ownership, particularly the shared excitement of victory with friends. Hayley O’Connor, Goffs’ head of international client relations, echoes this sentiment, noting that younger buyers seek experiences they can share on social media, effectively creating a private cheerleading squad for their racehorse.

While the majority of racehorse buyers are older, Beeby observes a trend of decreasing age diversity as the sport aims for broader appeal. At Goffs’ London sale, buyers range from 18 to 81 years old, with some of the biggest purchasers being in their early 20s. Fractional ownership has also democratized access to racehorse ownership, enabling younger individuals like Cameron Sword, a 22-year-old business student, to participate in syndicates. Despite setbacks, such as Corach Rambler's unexpected exit from the Grand National, fractional ownership offers millennials a taste of the excitement and potential financial gains associated with horse racing. 

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