味觉测试：消费者外出就餐的地方

Taste test: Where consumers are dining out 12 February 2026 Key takeaways •Restaurant spending has increased its share within overall retail sales since 2020, but spending growth moderated in the secondhalf of 2025 as labor‑market momentum slowed. Consumers are still dining out, yet higher prices and slower income growth -especially for lower‑and middle‑income households - are making them more deliberate about where and how often they spend. •According to Bank of America card data, casual dining and pizza restaurants have seen multi‑year share declines within overallrestaurant spending as consumers gravitate toward eateries that offer better value, convenience, or novelty. Millennials accountfor the largest share of spending across all types of restaurants. •While the appetite for dining out remains relatively healthy, diners have become more selective and are increasingly seekingvalue and innovation, according to BofA Global Research. Interestingly, independent restaurants have shown sustained strengthin spending growth relative to chains throughout the past year, especially among higher-income households. Restaurant spending heating upRestaurants are an important indicator of economic appetite. Within retail sales, for example, food services are often used as a metric for discretionary spending strength, and, since 2020, the share of spending at food services and drinking establishmentshas increased (Exhibit 1). In January, such spending per household was up 3.3% year-over-year (YoY), more than the 2.6% YoYoverall spending increase, according to Bank of America aggregated credit and debit card data (see more on this in theFebruaryConsumer Checkpoint). However, restaurant spending growth has been mixed in the past year. And while it dropped in January 2026 largely due toweather effects, throughout most of last year restaurants month-over-month (MoM) spending growth was modestly positive(Exhibit 2). Exhibit1:The share of food services and drinkingestablishmentsinretail sales has increased each year since 2020, although at a slowerrateShare of spending at food services and drinking places within total retail Exhibit2:Monthlyrestaurantsspending growth waspredominantlypositive last yearTotal monthly credit and debit card spending per household, according to Bank of America card data (MoM, monthly, %, seasonally adjusted) sales (seasonally adjusted, %) Additionally, restaurant spending is tied to the health of the job market, according to BofA Global Research. The moderation inthe labor market, especially in the latter half of 2025, likely depressed spending growth in this sector. And although wage growthremains positive, lower-and middle-income consumers haven’t seen a robust uptick in earnings, leading to less discretionaryspending on activities like going out to eat (read more on this inthe January Institute Employment Report). Is eating out more expensive?Average monthly spending per household on restaurants and bars in 2025 was $371–this is up 30% from 2019, according to Bank of America card data. And though people are eating out more than they did in 2019, some of this strength is due to priceincreases. According to the Bureau of Labor Statistics, food away from home was up 4.1% YoY in December 2025. While the amount spent per transaction has increased YoY, the number of transactions per household has only grown at half therate. This underscores the narrative that consumers are being more selective when eating out (read more on thisin July’sChowing down on the cheap). Young, high-earning, and hungryIf there’s one notable trend in dining out it’s that Baby Boomers were the fastest growing generation of spenders. While spending per transaction growth is up across all generations and income levels, Baby Boomers consistently outpaced allgenerations (Exhibit 3). Additionally, this cohort exhibited the strongest average spending growth and number of transactions,especially among those with the top 5% of household income. Still, in actual dollar terms, younger generations spend more overall than their older counterparts. Notably, Gen Z and Millennialsat the upper end of the income spectrum are eating out more frequently than Gen Xers. Exhibit 3: Baby Boomers were the only generation across each income group to exhibit transaction growth in 2025in food services and drinkingestablishmentsSpending per household, spending per transaction, number of transactions per household on food services and drinkingestablishmentsby income and generation (2025 annual average, YoY%) Diners cut back on casual restaurants and pizza parlorsOver the past several years, consumers have become more selective–and their preferences have changed. In doing so, the share of spending at eateries has shifted. Spending at casual dining spots–think full-service restaurants with a laidback setting–has declined for three consecutive yearsas has the share of spending at pizza places (Exhibit 4), according to Bank of America