I want to believe that, but, you know, "millenials" are still human beings, too. I'm going to err on the side of them being just as vain as the rest of us...

Rather, the article mentions that millenials are more inclined to spend money on "experiences" than shiny baubles -- but thanks to social networks, experiences are the new shiny baubles. And even more effectively so: In the past, when your s/o dropped a months worth of pay on jewelry for you, you could still only show it off to people you saw in-person. Now, when your s/o pays for you to go on vacation, you have status updates and photo sharing to show everyone you've ever known just how conspicuous your consumption is.

All that said, I know I've read articles that state (and it certainly seems reasonable) that people who spend their money on experiences rather than material goods tend to be happier. So maybe it's overall a net positive.