Economists studied restaurant spending, a component in retail sales, and found that Millennials are tempering their casual dining spending more than any other age group.
The economists compared spending at big chain restaurants to smaller local restaurants and found relative weakness in the bigger chains, where spending outright declined. For local restaurants there was a slight acceleration in trend, she said. But since January, there’s been a year-over-year contraction at large restaurants.
The reason for the slowdown by millennials could be a change in lifestyle as they get older and spend money on other things, like housing and home cooked meals, Meyer said. But that’s not necessarily showing up in supermarket trends.
“Grocery spending has also been pretty slow,” she said. However, another possible disruption could be online grocery shopping, which may not be fully captured in the data. …[read the full article at www.cnbc.com]