Young Adults Living with Parents Fuel Luxury Boom, Says Bank – Bloomberg
Record numbers of young adults living at home with their parents are helping drive the boom for luxury goods in the US and UK, according to Morgan Stanley.
Recent US Census data shows that nearly half of all young adults ages 18 to 29 are living with their parents the highest level since 1940.
Analysts led by Edouard Aubin at Morgan Stanley said the trend benefits discretionary spending and is partly responsible for the surge in popularity of handbags, watches and jewelery.
I feel the pain of these parents.