Din­ing out no longer just a treat

The Southland Times - - BUSINESS - CATHER­INE HAR­RIS

Mil­len­ni­als have copped plenty of crit­i­cism for spend­ing more of their dosh on eat­ing out and less on sav­ing.

But ac­cord­ing to a new re­port on what mil­len­ni­als and their par­ents’ gen­er­a­tion are buy­ing, we’re all splash­ing out on flat whites and av­o­cado on toast.

Re­search by re­tail re­searchers Mar­ketview found spend­ing habits have changed, and not just for the younger gen­er­a­tion.

Since 2008, it found all Ki­wis had been spend­ing more of their dis­cre­tionary in­come at bars and restau­rants, and al­lo­cat­ing less on big-ticket pur­chases for the home.

In the 12 months to Au­gust 2008, con­sumers bud­geted just un­der 8 per cent of their spend­ing to­wards eat­ing out and take­aways.

Nine years later, Ki­wis were out­lay­ing 11.3 per cent of their spare cash on hos­pi­tal­ity.

The data was based on eftpos, credit and debit cards held by Bank of New Zealand cus­tomers.

The Mar­ketview data shows that the rise in hos­pi­tal­ity spend­ing has come at the ex­pense of ap­parel and home­ware, which lost a com­bined 3.2 per­cent­age points of the spend­ing ‘‘pie’’ in the last nine years.

The re­port also showed the la­bel mil­len­ni­als had ac­quired as spendthrifts was not a com­plete over­state­ment.

Con­sumers aged 15-24 spent just un­der 16 per cent of their dis­cre­tionary in­come on hos­pi­tal­ity and take­aways in 2008; nine years later, that share has risen to over 20 per cent.

They cut back on cloth­ing and ac­ces­sories by 1.8 per­cent­age points, but the main area where mil­len­ni­als pinched pen­nies was at the su­per­mar­ket.

Gro­cery spend­ing de­creased the most in their age group, from 21.5 per cent of their spend­ing in 2008 to 19.5 per cent in 2017.

And while the mil­len­ni­als were out buy­ing brunch, the trends show their par­ents were not that much more fru­gal.

Con­sumers aged 45-54 spent just over 10 per cent of their to­tal spend­ing on hos­pi­tal­ity in the year to Au­gust 2017, up from just over 6 per cent nine years ago.

Welling­ton restau­ra­teur Mike Egan agreed din­ing out had be­come ev­ery­day for some peo­ple.

‘‘A lot of peo­ple are eat­ing out af­ter work and us­ing the time for other things.’’

He was also see­ing a rise in the sin­gle diner, who found it just as cheap to eat out as it was to buy and cook the in­gre­di­ents.

PHOTO: JOHN NI­CHOL­SON/STUFF

Restau­ra­teur Mike Egan says he has seen a rise in sin­gle din­ers who find eat­ing out as cheap and con­ve­nient as cook­ing.

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