Money

Americans spend $900,000 a month on avocado toast

724292981
Evgenija Lanz | EyeEm | Getty Images

Fact: Americans really do love avocado toast.

They spend nearly $900,000 per month on it, according to data from payment company Square, as reported by Time. Avocado toast sales are also rising quickly: In June 2014, Americans were only buying $17,000 worth of the breakfast per month, compared to $890,500 in June 2017.

This finding is particularly interesting in light of the viral comments of 35-year-old Melbourne millionaire and property mogul Tim Gurner, who asserted on a recent episode of Australia's "60 Minutes" that spending too much on avocado toast is the reason millennials can't afford to buy homes.

Gurner scolded the younger members of his generation for their unrealistic, YOLO "expectations" and for spending too much on indulgent lifestyles early on in their careers.

"When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each," he said. "We're at a point now where the expectations of younger people are very, very high. They want to eat out every day, they want travel to Europe every year."

Gurner exaggerated the price consumers pay for the treat: $19 for a slice isn't the norm. Square found that the average piece of toast costs $6.78, although, depending on the purveyor, it goes for as little as $2 and as much as $18. While some people might be paying top dollar, that's certainly not the rule.

And despite the thousands spent on avocado toast per month, millennials' spending habits aren't as frivolous as Gurner assumes. According to a new survey by Bankrate.com, young people put the majority of their cash toward "basics" like groceries and gasoline. Millennials spend an average of $2,300 more per year than older generations do on these categories, which include groceries, gas and cellphone service.

Bankrate found that millennials spend an average of $9,568 on groceries per year, which shakes out to around $800 per month.

It is worth noting, however, that though groceries are their biggest expense by far, millennials do spend more than other generations do on dining out. They put an average of $2,796 per year toward eating at restaurants.

Like this story? Like CNBC Make It on Facebook.

Don't miss: