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What’s really happening: There is a backlash against conspicuous consumption of blatantly flashy items like diamond rings and expensive cars, Dorsey says. But that doesn’t mean young people aren’t spending – in fact, in his research he found millennials broke their spending record last year, opting for short-term indulgent experiences like weekend trips, spa days and wine tours. And when they need shiny objects, more are opting to rent luxury goods such as cars and designer clothes.