Young Adults Living With Their Parents Are Driving a Luxury Boom
The following is excerpted from an online article posted by Yahoo!
In recent years, millennials and Gen Z have chosen to live with their parents instead of leaving the nest, thanks to the groups’ pursuit of higher education and delay of marriage, plus soaring rental costs. Now the two generations are opting to use their new disposable income to purchase high-end luxury items, according to a new report from Morgan Stanley.
And their shopping habits are definitely having an impact: The trend has helped drive sales and increase the appeal of goods such as purses, watches, and jewelry across the luxury industry, according to Bloomberg.
According to recent US Census data, nearly half of young Americans between the ages of 18 to 29 are living with their parents; the highest percentage reached nationwide since 1940—when the country was rebuilding after the decade-long Great Depression.
One of the main reasons millennials and Gen Z are opting to stay put? The two age groups are largely delaying taking the next step in their relationship and having kids to achieve financial security before taking the plunge.