While restaurant companies scramble to lure in the Millennial share of market with honest, authentic, whole foods and casually hip spaces, that group might be just as happy cooking up a little something at home. Research from The NPD Group backs up this line of thinking among Millennials in both restaurant visits and spending.
Older Millennials, ages 25 to 34, made 50 fewer annual restaurant visits per person over the past several years, according to the NPD report. Younger Millennials, 18 to 24 years old, made 33 fewer visits per person. Annual per-capita restaurant spend for younger Millennials is $1,240, down $146 per person compared to their spending in 2007, and older Millennials' annual per-capita spend is $1,369, down $213 per person.
What's driving the downshift? The top reason, according to NPD, is concern about money spent at foodservice — particularly among older Millennials who are more likely to have families with kids. But the study also found that Millennials are cooking more at home simply because they like to. They feel better about cooking at home because they consider it healthier and it tastes better than what they can get away from home.