Broke Twentysomethings Continue to Spend Money on Frivolous, Expensive Things

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Priorities. Photo: Steve Granitz/WireImage

Millennials may make up one of the most underemployed segments of the American population, but they don't let their pitiful bank accounts keep them from buying nice things for themselves. Although they still only make up 3 percent of the luxury market, millennials' luxury spending increased 33 percent in 2011, outpacing baby boomers by 14 percent. So, where are millennials getting all this money to fritter away on necklaces and iPhones? From their parents, most likely, or by skimping on other things like rent, food, and long-term savings plans. So, they may never be able to retire, but at least they'll own lots of nice things that they can tweet about and post pictures of on Facebook.