Millennials Spend More at Bars, Restaurants, and Cafes Than Other Generations
Over half of 20-somethings enjoy a drink at the bar at least once a week.
We've all done it: ordered takeout even when we’re a little strapped for cash, or grabbed that latte just to get a few minutes of extra shut-eye before work or school in the morning. However, it looks as though millennials are the most likely to spend their paychecks on these luxuries—yes, luxuries, necessary as they may seem at the time. CNBC reports that according to a survey by Bankrate.com, 20-somethings spend much more of their money at bars, restaurants, and cafes than older generations, with 29% of younger millennials buying a coffee at least three times a week. While we may not be buying houses, we are quite the foodies.
The website analyzed over 1,000 American adults this month aged 18 to 36 via phone interview about their eating and drinking habits, and it looks as though younger millennials are more willing to drop their cash on a quick breakfast sandwich or a Starbucks latte than their elders. Meanwhile, 59% of Americans overall said they don't purchase any sort of daily coffee or tea.
If you’re guiltily staring at the Dunkin’ Donuts cup in your hand, don’t kick yourself too much. Sarah Berger, who writes on Bankrate's millennial-focused blog called Cashlorette, told CNBC that as folks get older, “they kind of age out of these tendencies."
"In the big picture, going out to eat every now and then won't really impact your budget too much...[but] when it starts to spiral is when it becomes a big issue,” she said.
Of course, it's all a matter of priorities. If you're a foodie who can't live without your restaurant visits, or a coffee addict that just doesn't have time to brew a cup, live your truth! But if you're trying to cut down costs for a little bit, you know where to look.