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Rachel Rosenthal

Millennials Are Finally Spending Like Grown-Ups

The U.S.’s largest generation is buying houses and cars. That’s going to have consequences for inflation.

Bye, bye, beanbags.

Bye, bye, beanbags.

Photographer:  Paul Yeung/Bloomberg 

Millennials are growing up. After spending years splashing out on everything from skydiving excursions to Instagrammable vacations in Peru, 30-somethings with decent-paying jobs are making lasting purchases, buying cars, houses and everything inside them. The retreat from offices during the pandemic has only cemented the urge to settle down and accumulate the trappings of adulthood. 

While Covid-era disruptions have been the primary trigger of the rapid price increases in consumer goods, a long-delayed, demographics-driven shift in spending is also underway, one that could help fuel inflation long after the supply-chain wrinkles are ironed out and the pandemic subsides.