As the fastest growing consumer segment in the market, retailers need to learn how to appeal to this group.

Dory Carr-Harris Dory Carr-Harris on April 9, 2012.

Echo Boomers. Generation Y. Millennials. No matter what you call them, shoppers between 18 to 29 years old are the fastest-growing luxury consumer segment. In 2011, they spent 31% more on luxury purchases than they did the year before, and they did it at full price. Compare that to Baby Boomers, who only saw a paltry 28% growth in spending, and purchased the bulk of their luxury goods on discounted flash-sale sites. Mashable