Posted November 23, 2023 7:01 am.
Last Updated November 23, 2023 7:02 am.
We’re getting a better idea of how some people are spending on food in B.C.
This may come as no surprise to many, but a new report has found Generation Z is dishing out the most money on delivery apps and eating out at a restaurant, and the least on buying groceries and cooking at home.
On the opposite end of the scale is what’s known as the Interwar Generation — think of people between the ages of about 76 and 93 — who eat at home the most compared to any other generation, according to Vancity.
This data is all based on credit card usage tracked by the bank.
“This report gives us an insightful look at Vancity members and their evolving needs. In the face of rising financial pressures, such as the significant hikes in food prices, we want to make sure our members are supported whether that’s managing their credit or budgeting for their meals,” said Dave Perri, Vancity’s chief member services officer.
The report shows as people age, more of them are spending an increasing amount of money on groceries and staying in to have a meal. This could point to cost-saving measures at a time when food prices are still really high, despite the rate of inflation slowing.
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Vancity says the COVID-19 pandemic also changed the way people spend on food. It finds when restrictions were put in place in March 2020, eateries took the biggest hit from Millennials pulling their business.
“While restaurant spending has fluctuated since the industry came back to life over the last year, Millennials and Gen Zs, the most restaurant-loyal generations, appear to have permanently shifted their personal spending from the restaurant dining room to food delivery service,” finds the report.
A recent report from Restaurants Canada finds half of all restaurants across the country are currently operating at a loss or are just breaking even. It blames things like the high cost of food, insurance, rent and labour, pandemic-related debt, and ongoing labour shortages.
