We’re broke, we’re unemployed, we owe student loans, we’re living off our parents, we have degrees in things like English and Philosophy, we’re unprecedentedly narcissistic, and as if we couldn’t get any more charming, all the money we do have we spend on luxury goods: welcome to Generation Y, bitches! The millennial epoch, composed of those born between 1980 and 2000, is the fastest-growing demographic of those who purchase luxury goods. Consumers of this generation increased spending on premium fashion and services by 33 percent in 2011, and while boomers remain the foremost buyers of luxury items at 50 percent, millennials have altered their habits drastically in the past year alone.
The results come from February’s American Express Business Insights report, which aggregated in-store and online spending data at both premium and discount luxury sellers from 2009 to 2011. How do millennials manage, you ask, when they lack fruitful careers and are often in debt? Some skimp in other areas, like rent, food, and long-term fiscal management plans, while others buy on their parents’ dime. Of course, it’s undeniable that there does exist a good number of success stories from the generation who are willing to splurge on items they view as “necessities” without considering the future effects of their spending. While this kind of lavish, indiscriminate consumerism may one day be to thank for the death rattle of our bank accounts, credit cards, and children’s security (if we ever have them, that is), I like to look at it this way: we may be single-handedly saving the economy! On that note, it’s straight to Net-a-porter with me. [The Fiscal Times]