According to eMarketer: “As Generation Y grows up and gains more buying power, the 18- to 34-year-old age group is increasingly purchasing luxury goods. According to a survey by American Express Business Insights, Gen Y consumers upped spending on premium, full-priced luxury goods by 31% in 2011 over the prior year. Generation X followed Gen Y in terms of spending growth—climbing 23% from 2010. Joining the workforce and earning higher wages has surely contributed to Gen Y’s purchasing appetite.”

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