Memo to millennials: skip the daily latte and buy a lunchbox.
Millennials spend far more in bars, on coffee and at restaurants than older generations — while saving less, according to a new survey from Bankrate.com. The website conducted phone interviews with more than 1,000 American adults in early June.
The average millennial, which is what the survey calls Americans ages 18 to 36, dines in or gets take-out from restaurants five times per week, with 54 percent of younger millennials eating out at least three times weekly. More than half of younger millennials go to a bar on a weekly basis, and 29 percent buy a brewed coffee at least three times per week.
Their elders, on the other hand, are less vulnerable to the latte factor. Fifty-nine percent of Americans overall said they don't buy brewed coffee or tea in a typical week. And, in contrast to their bar-hopping progeny, 73 percent of the general population said they don't buy any alcoholic drinks each week, either at bars or restaurants.
As might be expected, Americans' patronage at restaurants, coffee shops and bars declines as they get older. Younger millennials — the 21-to-26 crowd – are the age group most likely to belly up to the bar: 51 percent of them typically go to a bar at least once per week, followed by 42 percent of all millennials, 24 percent of "Generation Xers" and 19 percent of baby boomers.