25: Millennials spending on sin goods, shift in their psychographic profile

According to an analysis done by American Express, millennials account for a third of all the luxury spending done by its Indian customers, and this proportion is rising sharply. Does this suggest that the 19-39 year olds of the present times think differently from those in the previous generation? One might argue that there isn’t anything new in the upwardly mobile spending on luxuries regardless of the generation. But it may also be true that peer pressure to flaunt a certain lifestyle is driving a shift in their behaviour?