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Dining Out Captures $600B in Annual Spending, Now Essential to Consumers’ Lifestyle
Dining out has become an essential part of consumers’ lifestyles, a trend that is supported by a recent ICSC survey. The study found that nearly 163 million people, or the equivalent of 64% of adults, spend money dining out at least once a week, and nearly 50% of adults say that dining out is now a lifestyle decision. The average weekly spend of $71 translates into an annual dining expenditure that exceeds $602 billion.
“Dining options have grown significantly in recent years as Millennials seek experiences and Baby Boomers become empty nesters,” said Tom McGee, ICSC President and CEO. “In the last five years, the sector has added over one million jobs and increased its share of GLA by 1.3 percentage points.”
The survey found that the top reason for dining out is convenience, as busy consumers look for ways to save time and energy. In fact, 72% of people with children at home spend on dining out at least once a week, and 41% say they are dining out more often than two years ago. Millennials, too, are frequenting food and beverage establishments, as 72% go out at least once a week.
ICSC says in an average week, 83% of adults now dine at fast food and fast casual restaurants. Others prefer the convenience of utilizing takeout or delivery services (67%), and 41% who order online use curbside pick-up.
And even with the increased demand for convenience, 67% of people surveyed continue to dine at full-service restaurants weekly. And, more than 60% of consumers said that, despite ordering delivery/takeout more frequently, they aren’t going to physical restaurants any less often.
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