It seems that the concept of being an “empty nester” hasn’t quite hit the parents of the current generation of young adults. According to data from Morgan Stanley, almost 50% of Americans between the ages of 18 and 29 are still living with their parents. What’s more, they found that this “living arrangement” has been “boosting the profits of luxury goods companies.” It seems that when “young adults free up their budgets from daily necessities,” they have more cash that they then use on “discretionary items like travel, entertainment, and luxury goods.” Go figure.
Source: QZ