Young adults under 35, known as millennials, are quickly becoming the U.S.' biggest luxury spenders, using not only their personal income to support their wealthy lifestyle, but also funds from their parents' bank accounts. "Gen Y is starting to enter the wealth-accumulation phase, and companies that are struggling should look ahead," says Jason Dorsey of the Center for Generational Kinetics. "Based on our and other research, by 2017, Gen Y could outspend boomers. As boomers move on, they'll be spending less, but Gen Y is just getting started."

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