Where is the data to back this up?
Millennials have far less purchasing power than any generation before them because real wage growth has been stagnant since the Reagan era. Combined with the fact that there are more "necessities" to modern life, such as internet bill, cell phone bill, self-paid insurance (in the past your workplace paid 100% of your health insurance and retirement).
Millennials are significantly more debt adverse than any generation before them. You claiming they rack up debt to fund their luxury lifestyle is straight-up wrong.
So again, show me the receipts for your opinion.
The only millennials I know that are living high on the hog are ones that have wealthy families that are footing the bill.
Most millennials can't even afford to go to the dentist or doctor.
Also your comment on redecoration - wow. Most people furnish their homes with hand me down stuff or crap they scrounged from Goodwill and Craigslist. You are living good if you can afford some Ikea mixed in. Just look at the gaming setup thread here on NeoGAF. The vast majority are using old stuff or Ikea/Walmart furniture. Nothing wrong with that but a far cry from your claims.