BloombergYoung adults living with parents fuel luxury boom, Morgan Stanley says
Nearly half of 18 to 29-year-olds in the U.S. still live at home. Bloomberg reports the trend is benefiting discretionary spending and is partly responsible for a surge in popularity of luxury items.
Record numbers of young adults living at home with their parents are helping drive the boom for luxury goods in the U.S. and U.K., according to Morgan Stanley.
Recent U.S. census data shows that nearly half of all young adults ages 18 to 29 are living with their parents - the highest level since 1940.
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