I disagree with your generalisations. Ownership of physical media is still popular amongst young people because it is a yardstick of fandom, something young people care deeply about measuring. Even the homeless youths I work with insist on having the CDs of the bands they love.
On the flipside I am 35 and couldn't give a stuff about physical media anymore, I'm sick of the clutter and just want a cleaner, tidier, more spacious house nowadays. If I could click my fingers and swap my CD collection for a hard drive full of lossless CD quality audio of the same, I'd do so and gladly be rid of at least two thirds of my collection. Alas I have thousands of CDs and have given away thousands more over the last decade, so it'll not happen any time soon. I still enjoy sticking vinyl on, and certain CD ownership, but on the whole it's a ball-ache and I need more shelves.
Equally, I think there's a certain disparity in the consumption of freely downloaded stuff and things people have invested in, whether digital or physical. If I've paid for an album and it doesn't grab me within two listens, I persevere for another few then give it away or keep it. If I've downloaded a record, it's got two plays to get me interested, tops, and probably months apart at that. If it makes it beyond that point, the artist is probably going to get some money from me.
The chief executive of EA, the worlds biggest distributed entertainments company says a download does not equal a lost sale, as do many recording artists of various fortunes. I'd go one further and ask what percentage of downloaded stuff ever gets 'consumed' in anything like the same way as a iTunes or record shop purchase? To many it's more akin to listening to the radio when they pull lots of stuff down form the web than buying something, or even being given a mixtape or album on cassette.
Good music is worth backing financially though, obviously. I'm a bit bored of bands releasing poor albums and complaining that the internet has cost them sales, when people would have been glad to support the band if they were still as good as they used to be.
tl;dr: Adult and youth consumption isn't as clearly demarked as one might think, and while Joe Bloggs might download the new Bon Jovi album to save himself money, there's probably ten people out there checking to see if it's shit, ignoring it forever after and artificially inflating the 'download instead of buying' figures that are bandied about.