A Property Management survey in December of 1,200 Americans ages 26 to 41 also found that a quarter lived in a parent’s home. Of those living with their parents, 55% have moved back home within the past year. The top reasons given by respondents were a desire to save money (51%) and inability to afford rent (39%).

Although nearly four-in-ten millennials living at home say their parents charge them rent, nearly half said they were charged less than $500 per month. That leaves lots of room for savings compared to the national median monthly rent, which according to Rent.com in October was $1,980.

Living with parents is common in China

This kind of multigenerational living structure has been the wind in the sails for the Chinese luxury market for decades. Although China has progressively relaxed its one-child policy, the nation is home to an entire generation dubbed “little emperors,” in which six adults—two parents and four grandparents—dote on each child. Culturally, it’s not unusual in China to live with a parent until marriage, and a middle-class family will often pool family savings to buy the only child a property to live in so that the child never has to pay rent.

The rise of second-hand fashion platforms and buy-now-pay-later consumer financing, along with a broadening of luxury goods available, are also dovetailing with the living-with-parents trend, enabling a younger customer base globally for luxury goods.

The luxury sector has proved resilient despite global economic headwinds. A joint Bain & Co. and Altagamma forecast predicts the global luxury goods market will grow 21% this year to 1.4 trillion euros.

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