Millennials’ love of experiences is shifting the stock market. Unlike the generations before them, Millennials acquire experiences to shape their identities and create memories they can share, instead of spending money on luxury items like cars and designer bags. Travel and leisure-related stocks are feeling the effects: low-cost airlines stocks have risen sevenfold and Airbnb Inc.’s $25.5 billion valuation is more than Macy’s and Best Buy’s put together. An exchange-traded fund based on Millennials’ preferences is even in the works. (Bloomberg Business)
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