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The analyst said developments in social media have also helped prompt
the additional luxurious spending. ”This is of course not the only reason
luxury-goods consumers are getting younger in the West (social media
playing also an important part) but we see it as fundamentally positive for
the industry,” the analysts reported.

Other payment options for luxury goods, such as buy-now-pay-later have
also facilitated the increase in high-end spending, according to Quartz.

Lawrence Richard

Young adults in the U.S. choosing to live with
their parents in an effort to save on rent are
facilitating a luxury goods boom, according

to a new study.

Inflation concerns and record-high prices A
in rent, groceries, and other amenities have P
caused nearly half of all young adults (48%) be- g
tween the ages of 18 and 29 to choose to live e
with their parents, a conglomerate of analysts te
found, citing data from the U.S. Census Bureau. b
One sector that has benefited from the Millenni- e
al and the Gen Z decision to stay at home is lux- la
ury retailers, the report found, as young adults q
are spending less (or nothing) on rent and are p
then using the extra disposable income on high-
er-end brands of clothing and luxury items. e
“When young adults free up their budget for c
daily necessities, they simply have more dis- e
posable income to be allocated to discretionary b
spending”, Aubin said in the report. “We see it p
as fundamentally positive for the [luxury] indus- d
try”. s
A Property p
Manage- u
ment sur-
vey in Dec. d
found only d
four-in-ten o
millenni- m
als living
at home r
say their s
parents charge them rent. Of those, nearly half p
were paying less than $500 per month.
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