We've recently seen a number of articles about Millennials spending a higher percent of their total food and beverage expenditures away from home in restaurants and other food service establishments than other generations. That gives the impression that Millennials are the best target market for restaurants and venues that offer F&B.
Like a lot of things that are true, the real truth is when you dig down more into the details, which we did.
Yes, Millennials spend 47% of their total food and beverage budget on F&B away from home, more than any other generation. However, the dollar amount they spend away-from-home is less than is spent by GenX, Baby Boomers and the Greatest Generation. Baby Boomers are the highest spenders on F&B away-from-home. They spend 29% more than Millennials.
When it comes to food away-from-home, GenX are the big spenders, 37% more than Millennials. However, when it comes to alcohol, Millennials are the biggest spenders, out spending GenX who come in 2nd by 4%.