Eating out can be expensive due to several factors, including the overhead costs restaurants incur and the need to cover staff salaries, rent and maintenance.
Tips, taxes, and menu prices add to the bill even more. Ordering alcoholic beverages, appetizers, desserts and extras can increase costs. So, Generation Z is now saving money by eating at home.
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- What did the study reveal?
- Why does Generation Z eat at home?
- How do young adults manage savings?
What did the study reveal?
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Younger adults are altering their spending patterns to reflect how expensive it would be to be an adult in 2023.
In August, Bank of America surveyed 1,167 Gen Zers ages 18 to 26 for its 2023 Better Money Habits study, and 73% said they are looking for ways to cut spending.
53% of Generation Z cite the high cost of living as a barrier to financial success. According to the U.S. Bureau of Labor Statistics, inflation was 3.7% higher in August than a year earlier during the same period.
Why does Generation Z eat at home?
As a result, almost half of young people surveyed said they are reducing their eating out and preferring to cook at home. A third of them only buy essential items at the supermarket and most intend to maintain these restrictions for the next 12 months.
Fast food is no longer the convenient, low-cost alternative it once was for singles looking for a quick bite. Restaurant chains are gradually increasing their costs and supermarket products are also becoming more expensive.
How do young adults manage savings?
The holidays are approaching and it’s unclear whether Generation Z will meet their financial goals. Despite concerns about debt and dwindling resources, young shoppers spent the most during the 2022 holiday season.
More than half of them told Bank of America that they do not have enough funds to cover three months of costs, and only 48% indicated that they are financially independent.
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Source: vtt.edu.vn