It does seem that the consumer baton is being passed on to the Millennials. The boomer generation is retiring in large numbers now, and their attention is turning to dealing with retirement. The Millennials are bringing a different attitude towards buying luxuries and it is one we are not used to.

…The vast majority of diamond dealers, and even diamond retailers, have not the slightest idea of how to enhance the product. With them, it is still a candy store business. And many will be departing the business as a result.

via Gem Thoughts
Also on millennials:

The Atlantic: How Millennials Spend
Millennials anticipated spending the greatest amount of money in the coming year on fresh fruits, organic food, and natural products. Less favorable, in their minds, was the idea of spending on luxury goods, soda, applications, and handbags.