Key Points
- Nearly half of all young adults in the US ages 18 to 29 live with their parents, and this living arrangement is boosting the profits of luxury goods companies, according to Morgan Stanley.
- The number of people moving back in with at least one parent spiked in 2020 at the height of the covid-19 pandemic to 49.5%, according to census data. It’s since edged down to 48% last year, but the rate is expected by the bank to remain there for 2022, even as people return to a hybrid work set up.
- When young adults free up their budgets from daily necessities, they have more income that can be spent on discretionary items like travel, entertainment, and luxury goods.
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