Nearly half of young adults in the US between the ages of 18 and 29 are living with their parents today, according to the US Census Bureau. That's a high not seen since around the Great Depression. And Morgan Stanley analysts say this is all great news for luxury retailers, because saving on daily necessities like rent and groceries is freeing up disposable income for discretionary spending. Similar themes are in the United Kingdom as well, where about 42% of young adults lived with their parents in 2021.