A recent survey conducted by Bankrate.com shows that younger millennials (those in the age range of 18-26) are spending much more money at cafes, restaurants, and bakeries than older generations.
According to Bankrate’s The Cashlorette, 54% of millennials are eating out at least three times per week while 30% are buying coffee at least three times per week.
Over 1,000 American adults were analyzed last month on their eating and drinking habits. As was expected, the percentages dropped as Americans got older. The Cashlorette says that as people get older, they age out of certain tendencies when it comes to how they spend their money.
What this shows us is that the increased focus on millennials is nothing to be ignored. This is the largest living generation, and its buying power continues to increase over time. Millennials have a tremendous impact on the food industry and are driving trends.
Millennials also tend to be more active in breakfast and lunch occasions than older generations, which make them a vital group for retail bakeries whose primary business hours are during breakfast and lunch.