Millennials Are So Misunderstood
Bank of America put out an article by their economists about the slowing trend in the restaurant business. Here was the headline and then the bullet points:
Millennials lose taste for dining out, get blamed for puzzling restaurant trend
- Millennials have been tempering their spending at restaurants more than any other age group.
- Bank of America Merrill Lynch economists studied restaurant spending, a component in retail sales, ahead of the release of October sales data Wednesday.
- Slowing restaurant sales often come with a recessionary environment, but the economists say this slowdown may signal a change in lifestyle as millennials get older.
Then this sentence:
"Restaurant sales growth has been slowing at a puzzling pace usually seen in a much weaker or even recessionary economy. Bank of America Merrill Lynch economists say millennials are to blame."
Bank of America and their economists have it wrong. Eating out in restaurants can be a big waste of money and perhaps this generation understands that. Many stereotype the Millennial Generation has entitled and lazy. This generation could not be more misunderstood.
Survey after survey shows that this generation is showing financial responsibility more so than any other generation. They are into financial education. They avoid debt. They are the biggest savers of money. I had CEO Art Taylor of give.org on my program and their data shows that the millennial generation are the most responsible generation when it comes to giving. Survey after survey confirms these trends. Perhaps this generation sees the waste in eating out all of the time and they are doing what other generations can't seem to do - cutting back.
Maybe you can't blame them for the slowdown. They point out that you see these signs in recessionary times. Perhaps we are in weaker economic times than President Trump cares to admit. After all, it is no secret that economic reporting is not accurate. If the true read on the economy were to be reported, these restaurant sales numbers would probably be in line. Wall Street lives in a fairyland when it comes to reality. Anything to justify an out of balanced stock market.