Boomers Dining Out, Millennials Dining In
Posted On January 29, 2013
The disparity in wealth between Baby Boomers and Millennials is changing the demographics of restaurant clientele. In the past, older generations were more apt to cook and eat at home while younger generations preferred the luxury and convenience of eating out. Now the Boomers, a generation that came of age during the explosion of chain restaurants and fast food, dominate the restaurant market even as they near retirement. Meanwhile, Millennials who still like the convenience of dining out don’t have the means to do it.
Even as Millennials grow into adulthood, jobs, and careers, the number of them patronizing restaurants is declining, not advancing. It’s decreased 6% since 2008. On the other side of the spectrum, the oldest Boomers are now the leading patrons of restaurants, visiting them 220 times a year on average, according to a new NPD report.
The study’s authors say the equation is simple, Boomers have the money to eat out and Millennials don’t. Their suggestion for restaurateurs who want to attract Millennials is to adopt a social media strategy.