Millennials might be hurting the restaurant industry

It’s no surprise that millennials are obsessed with Instagramming their food, but according to a recent report, they could actually be hurting the restaurant industry.

According to Bank of America Merrill Lynch economists, millennials are to blame for a steady decline in restaurant sales’ growth rate for the past three years.

52 PHOTOS
Millennials' salaries across the US
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Millennials' salaries across the US

Median personal income for all employees: $31,100

Median income for millennials: $20,000

Median personal income for all employees: $44,000

Median income for millennials: $27,500

Median personal income for all employees: $33,000

Median income for millennials: $20,800

Median personal income for all employees: $30,000

Median income for millennials: $20,000

Median personal income for all employees: $35,000

Median income for millennials: $21,900

Median personal income for all employees: $38,000

Median income for millennials: $24,000

Median personal income for all employees: $44,000

Median income for millennials: $23,300

Median personal income for all employees: $38,000

Median income for millennials: $25,000

Median personal income for all employees: $55,000

Median income for millennials: $43,000

Median personal income for all employees: $30,000

Median income for millennials: $20,000

Median personal income for all employees: $33,000

Median income for millennials: $20,000

Median personal income for all employees: $37,000

Median income for millennials: $25,900

Median personal income for all employees: $30,000

Median income for millennials: $19,000

Median personal income for all employees: $37,500

Median income for millennials: $23,000

Median personal income for all employees: $33,000

Median income for millennials: $20,000

Median personal income for all employees: $35,000

Median income for millennials: $23,000

Median personal income for all employees: $35,000

Median income for millennials: $21,000

Median personal income for all employees: $31,000

Median income for millennials: $20,000

Median personal income for all employees: $33,000

Median income for millennials: $22,000

Median personal income for all employees: $33,400

Median income for millennials: $19,200

Median personal income for all employees: $45,000

Median income for millennials: $26,000

Median personal income for all employees: $44,000

Median income for millennials: $25,000

Median personal income for all employees: $33,700

Median income for millennials: $19,300

Median personal income for all employees: $39,000

Median income for millennials: $24,000

Median personal income for all employees: $30,000

Median income for millennials: $19,400

Median personal income for all employees: $32,900

Median income for millennials: $20,000

            

Median personal income for all employees: $30,000

Median income for millennials: $18,000

Median personal income for all employees: $34,400

Median income for millennials: $23,000

Median personal income for all employees: $33,000

Median income for millennials: $24,000

Median personal income for all employees: $40,000

Median income for millennials: $21,000

Median personal income for all employees: $44,000

Median income for millennials: $25,000

Median personal income for all employees: $30,000

Median income for millennials: $19,200

Median personal income for all employees: $40,000

Median income for millennials: $25,000

Median personal income for all employees: $31,900

Median income for millennials: $20,000

Median personal income for all employees: $36,000

Median income for millennials: $25,000

Median personal income for all employees: $35,000

Median income for millennials: $20,000

Median personal income for all employees: $32,000

Median income for millennials: $22,000

Median personal income for all employees: $32,000

Median income for millennials: $20,000

Median personal income for all employees: $36,000

Median income for millennials: $23,400

Median personal income for all employees: $37,200

Median income for millennials: $20,000

Median personal income for all employees: $30,000

Median income for millennials: $19,700

Median personal income for all employees: $32,200

Median income for millennials: $21,000

Median personal income for all employees: $31,000

Median income for millennials: $20,000

Median personal income for all employees: $34,000

Median income for millennials: $22,000

Median personal income for all employees: $31,000

Median income for millennials: $20,000

Median personal income for all employees: $35,500

Median income for millennials: $24,000

Median personal income for all employees: $40,000

Median income for millennials: $25,000

Median personal income for all employees: $40,000

Median income for millennials: $24,000

Median personal income for all employees: $31,000

Median income for millennials: $19,000

Median personal income for all employees: $35,000

Median income for millennials: $20,000

Median personal income for all employees: $37,000

Median income for millennials: $24,400

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Based on aggregated Bank of America credit card and debit card data, experts found that the slower restaurant pace is more akin to a weaker or a recessionary economy.

The growth pace of spending for millennials or Gen-Y went from 9 percent year over year in 2015 to just 1.6 percent now.

The economists believe millennials are opting to stay home and cook rather than dine out. However, it turns out supermarket trends don’t really reflect that.

So, where are they getting their food from? New online grocery delivery services might be to blame.

6 PHOTOS
5 ways for millennials to save (without sacrificing their social lives)
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5 ways for millennials to save (without sacrificing their social lives)
#1: Wash your hair less
#2: Sign up for every "first order" on apps
#3: Skip boozy brunch

#4: Share entertainment passwords

Photo credit: Shutterstock

#5: Buy in bulk

Photo credit: Shutterstock

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