Millennials are now the most populous group of Americans — surpassing even Baby Boomers — and they’re spending a lot of money on food.
That’s the conclusion of a new study by Princeton Survey Research Associates International, which found that young adults spend an average of $797 per month on groceries, more than any other age group. People 37 and older spend about $724 per month.
And Millennials’ big appetites aren’t limited to retail. The average American young adult also spends about $233 monthly on restaurant and take-out food, $50 more than older Americans.
Millennials also spend more on gas and cell phone plans than other Americans. In all, young adults spend about 15% more — $2,300 per year — than older demographics on food, gas and cell phone charges combined.