Four Ways the Restaurant Industry Is Changing

James Crocenzi

Millennial spending on restaurants is driving rapid change in the food-and-beverage industry. A new survey from CBRE reports four emerging trends that will significantly impact the real estate for foo-and-beverage operators, both in retail and industrial. The survey predicts that neighborhoods on the edge of the urban core will become food and beverage hotspots; the growth of single-person households will drive more spending on restaurants; spending on restaurants and groceries will outpace soft goods in the next five years; and, finally, millennial spending on food and beverage will exceed all other generations in the next 10 years.

“This is primarily due to demographic shifts that have led to new lifestyle habits. People in the United States are going out to eat with greater frequency because it has become part of a new lifestyle,” James Crocenzi, SVP at CBRE, tells GlobeSt.com. “People like to go out and eat and enjoy themselves, so it isn’t only about eating but about the social aspect of dining. Millennials are driving much of that growth. They have been spending the largest percentage of their discretionary income on dining.”