Millennials are now eating out more than cooking at home since the recession in 2008. As a bar owner of restaurateur, this is vital information that can help you generate more revenue and grow your business.
Millennials make up a quarter of the U.S. population and they wield approximately $2.45 trillion in spending power. They are also spending less money at grocery stores and more at restaurants. A recent study found that Millennials were spending approximately $50.466 billion at grocery stores in the first month of 2015 and $50.475 billion was spent in restaurants.
- 87% of millennials will spend money on a nice meal, even if they can’t afford it.
- 60% of millennials follow brands that they like on social media to learn about new coupons or deals.
- Millennials spend an average of $174 per month to eat out; non-millennials spend approximately $150 per month.
This increase in spending creates a positive impact on the bottom line of the restaurant industry. Based on a report from the Wall Street Journal, restaurant owners are able to hire more staff and are also increasing wages. Since 2010, restaurants have been hiring new employees at a faster rate than most other companies.
The influx of Millennials in the dining scene has also caused restaurants to change the way they are doing business. In an attempt to woo the members of Generation X, restaurateurs are changing their menu, redecorating the interiors of their restaurants, and staging their food so that it is more appealing to the eye and, thus, social media worthy.
So, what does this mean for you? To generate more profits for your bar or restaurant business, you will have to jump on the Millennial bandwagon before it is too late. Keeping on top of this current trend will ensure that your business will grow and that you too can get your hands on a portion of the $2.45 trillion.