Today, I have a guest post featured on Millennial Money. Below is a snippet, but please click on over to read my post on saving money when eating out.
My wife and I are millennials. Actually my wife is a millennial, and depending on who you talk to, I’m either a millennial or Gen Xer. Since I’m married to a millennial and most of my friends are millennials, for this article, let’s pretend I am.
How Often and How Much Money Do We Spend?
My wife and I are like most millennials in that we enjoy eating good food at restaurants. According to a recent Zagat survey, on average, people spend about $36 per person while eating out. That seems like a lot of money, right? On top of that, the same study found that people eat out around 4.5 times per week. More people eat out in Los Angeles (average 5.2 times per week) and on the less frequent side, Bostonians dined out on average 3.8 times per week.
Carryout and delivery are other popular alternatives to eating out but still enjoying the same delicious food. Around 69% of millennial men in urban areas ordered restaurant delivery over a 3 month period while 58% of millennial women also did so. Overall, 45% of all Americans (all ages) utilized food delivery over a 3 month period.
Millennials vs. Baby Boomers
According to the USDA’s food expenditure data from 2014, millennials spend about $3000 annually, or 44% of their food budget, on eating out. In contrast to 2010, that is a 11% increase. In 2014, Baby boomers, on the other hand, spend around $2600 annually, or 40% of their food budget.
Americans Like To Eat Out
More recent data has been collected suggesting that Americans are currently spending more on restaurants and bars ($54.86 billion) than on their groceries ($52.5 billion). This is astonishing as it’s the first time this has happened in recorded history.
Click over to read the rest!