Where Do You Spend More, Restaurants Or Grocery Stores?
Times change. For better or worse, times change.
There was a day, and perhaps it was longer ago than some of us think, that eating out was a treat. Whether it was driving through a favorite fast-food place or actually visiting a 'sit down' restaurant, it was something special.
Now, a lot of us go 'out-to-eat' on a daily or almost daily basis. It might be for breakfast, it might be for lunch, it might be for dinner...or maybe all three.
The Bisnow Website is reporting that people are now spending more at restaurants than they are at grocery stores.
According to the article, while grocery stores in the food and beverage sector are maintaining or even waning, the 'casual dining experience' is on the upswing. It was in 2016 they say that the food and beverage dollars spent at restaurants outpaced grocery stores.
So what's the reason?
A main one is simply demographics.
Demographics are quickly shifting and as millennials increase their market share, food concepts that focus on convenience, home delivery or expediency will win out over traditional food and beverage concepts.
Grocery stores are adapting to the demographic changes, offering more space, more prepared foods and even casual dining experiences in the store. The story goes on to say the Baby Boomers are still spending the greater share of their food budget at the grocery store but in about 10 years Millennials will be outpacing the Boomers. And with Millenials having a greater percentage of single person households, the trend to restaurant dollars is expected to continue.