The Rise of Luxury Goods

A report from Morgan Stanley argues that this group has more disposable income at a young age because they're living with their parents longer due to high rental prices. This age group are also comparing themselves to much wealthier people than their parents' generation would have in the past, as platforms like Instagram and YouTube give them a look into the lives of wealthy celebrities or even people who pretend to be wealthy. Online influencers are often given expensive items for free or are paid to promote them. The availability of buy-now-pay-later platforms makes it easier for young people to finance an expensive purchase which would have been impossible for prior generations.