More Millennials Opt Out of Restaurants and Stay Home Instead
Wednesday, 25 March 2015 03:00Although they represent nearly a quarter of all restaurant visits among Americans, Millennials’ visits and dollars spent are down considerably from several years ago. Why? Chiefly, they find it’s cheaper and healthier (and enjoyable) to cook at home. So, what can operators do to earn greater patronage from this highly desired demographic?
Millennials are the chosen generation for many marketers because of their sheer number and perceived buying power, but they are not a homogenous group. Depending on their age and lifestyles, they use restaurants differently, according to a recently released report by The NPD Group, a leading global information company.
For U.S. restaurants and foodservice outlets, Millennials as a group currently represent about 14.5 billion visits and $96 billion in spending, which is 23% of total restaurant spend. But the group has cut back in both visits and spending, finds the NPD report.