Old Money and New Money: Politics or Taste?

About two years ago, the Old Money style became a trend, and unlike many Tik Tok trends, it did not disappear after a short period of time. Every time with the arrival of new series, movies and popular characters, this trend started again and it is still going on; But not as strongly as before. Now that this trend has reached its peak, maybe it is the best time to talk about the details of old money and its contrast with a style called New Money.

While Old Money is associated with authenticity and class, New Money is associated with superficiality and novelty; But both of these styles refer to the style of rich people who make up the top 1% of society. Of course, Old Money, meaning old wealth, refers to families who have preserved and acquired their wealth over generations; But New Money refers to new wealth that is usually obtained through entrepreneurship and the sports or entertainment industry, and perhaps even with more effort and hard work; But in the end, it’s Old Money’s lifestyle that gets praised. Everyone wants to be a part of the Old Money lifestyle and want to associate themselves with it in some way. In front of people who have New Money type, they are usually judged negatively. In fact, this is a story that has been told by the media for a while longer than we think, and the negative view of New Money has not entered our minds by itself. But is there really a difference between Old and New Money or is this just a policy to sell and maintain the power of a certain class of society?

History of Old Money style

Before answering the main question of this article, it is better to know more about these styles. Old Money vs. New Money may be a concept that we have recently become familiar with, but this trend has existed at different times with different names and forms; For example, during the French Revolution, the bourgeois, the self-made rich class, faced the aristocrats, the royal family. Of course, the most manifestation of this social war can be seen in America, so it is good to take a look at its history in this country.

Old money now, New money old

In the 19th century, during the industrialization of America and the emergence of industries such as railroads, oil, and real estate, people who had invested in these industries suddenly gained a lot of wealth and found themselves against the older businessmen of America; Families whose wealth flowed through generations and had great political power. Older families had more prestige in the community and considered the importance of fashion to be superficial and meaningless. While the Newmans tried to use fashion as a way to enter the upper class. They wore flamboyant clothes and loved to shop at Parisian brands such as Worth, Doucet and Ruf. Now, many of the Newmany families of that time are considered Old Money.

Preppy vs. Yappy

In the 1980s, America experienced significant economic growth; It became important to devote a large part of one’s life to work, and young people who made a lot of money in the stock market and other businesses liked to show off their newfound wealth. This led to the creation of a group called Yapi. The yuppies wore Gucci shoes, wore Rolex watches, lived in the trendiest neighborhoods, and generally loved anything new and modern that came on the market. But the yuppies found themselves up against the old-school preppies. A large part of the preppy style is inspired by expensive and old American schools, which you may have seen in series like Gossip Girl or Elite. They shopped at stores like Lacoste, Ralph Lauren, Brooks Brothers, and JPress, which had gained a lot of credibility over the years, and maybe not everyone noticed the brand and its level, except for a few.

Media image

To understand Old Money vs. New Money, we need to analyze the image presented in the media; Because movies and series affect it as much as they affect real life. Recently, a movie called Challengers was released, which was a spark for the return of the Old Money trend; But this time through tennis style, as part of Old Money’s lifestyle. Series like Succession and The Gilded Age also focus on the lifestyle of rich people.

Succession, which has been one of the most popular series in recent years, has had a significant impact on the Old Money trend. This series tells the life of a billionaire family named Roy. The audience knows the style of the main characters of this series with the style and brands of Old Money; But it is interesting to know that the Roys are considered New Money, and in one of the episodes, their difference from a family whose wealth has been passed down for generations has been discussed. This series believes that clothes with logos and clearly showing wealth are what most of the middle and upper middle class do; Not people who have huge wealth. In fact, many New Money seem to like to share in their influence with their style or even affiliation with Old Money families.

Psychology of Old Money and New Money style

In his important essay on fashion, Simmel says that fashion is a way through which we can distinguish ourselves from society while being accepted by it. Old Money style or any other trend that we follow can also be an extension of this need. In fact, the rich class has always tried to separate itself from the society and show its superiority; But at the same time, he wants to gain the respect and approval of his class.

We also probably want to be a part of the rich class and fashion is a way to experience this life and through it to attract the respect and attention of others. Brands are aware of this and even fast fashion brands offer different collections focusing on Old Money style.

Also, this trend gained general popularity through social networks and remained among hundreds of multi-day and short trends. Some believe that this is the reason for Old Money’s popularity; A style that focuses on classic clothing components and wants to free itself from time constraints. This trend is a fight against unsustainable fashions that are not compatible with the many economic and environmental problems of this era.

The difference between old money and new money

Old Money families have acquired their wealth and customs over the centuries. They have had the opportunity to access higher education, the time to study and the habit of a lot of money over generations. But Fred New Money has reached a significant amount of wealth recently and probably by his own efforts; So maybe it is not strange that he wants to show it or spend it by buying from designer brands or by keeping up with the latest technologies.

When these trends gain public popularity, it can be said that they arise more than anything else for political, social, and most importantly, marketing reasons. Of course, the point that this trend reminds us is that even the classic and so-called timeless style has a different meaning in different periods; So part of our investment in style can be buying clothes that we love and feel good in. Also, the other aspect of Old Money fashion opposes consumerism and can be a good way to apply sustainable fashion; Of course, if it is used correctly.