Ever-hungry/lazy 20-somethings lead brisk growth in the restaurant industry
When they’re not bellyaching about adulthood and posing for Instagrams, it seems 20-somethings enjoy dining out—a lot. According to a new report from market research group NPD, Canada is witnessing a spike in restaurant traffic, due largely to people in their late teens and early 20s. People aged 18 to 24 played a large part in a three per cent traffic increase over the last two quarters. What’s more, the group writes that “visits to Canadian restaurants are forecasted to grow nearly two per cent per year between 2011 and 2016.” Okay, that might not sound like much, but that growth will apparently “surpass the projected 1.2 per cent annual growth of the country’s population.” The millennials are driving this growth partly because of their love of what the NPD calls “quick-service restaurants,” a delightful euphemism for fast-food joints. The group says fast-food restaurant QSRs account for “64 per cent of the overall food service landscape.” Which makes it one fatty landscape indeed.