Boomers, retirees keep restaurants alive
The crash and recession and their aftermath have been tough for the restaurant business, as cash-strapped customers cut back on discretionary expenses wherever they can. Overall, Americans still eat out less often than they did in 2007. But according to a recent, broad analysis of the industry that’s getting some coverage this week from the New York Times’s Eric Nagourney, there’s a bigger demographic shift afoot. While people under 55 are still ratcheting back their spending and choosing leftovers at home over the Macaroni Grill, older baby boomers and retirees are going out more often, not less.
The survey, by the market research company NPD Group, came out earlier this year. It found the biggest uptick in restaurant visits among those over 65. They now make an average of 195 restaurant visits per person per year, up about 8% since 2008; that number grew steadily through the recession years. Diners age 55 to 64 make 220 visits a year, up slightly from 2008. But visits are down about 7% among younger boomers, and down 12% among adults under 47.
It’s worth noting that these statistics include breakfasts and lunches as well as dinners across all restaurant categories, encompassing the morning bagel-and-coffee at Panera and the sullen workday lunch with the crossword puzzle at the deli. So the study doesn’t imply that older baby boomers are necessarily sustaining a white-tablecloth-and-pinot-grigio lifestyle.
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