Generation Z or otherwise known as millennials are made up of 82 million Americans.. They have a large purchasing power and a fifth of that money goes towards food. With this large population, they are influencing and shaping the restaurant industry. To stay competitive and appealing to millennials, these restaurants have to keep up with the latest trends such as social media accounts and splitting bills through digital services such as Venmo. This article illustrates all the different ways Generation X is changing the restaurant industry.

Key Takeaways:

• Generation Z is the cohort of roughly 82 million Americans who were born in 1996 and later, according to the Census Bureau’s 2015 population estimates.
• The youngest generation is shelling out a lot on dining. More than one-fifth of teens’ total budget goes toward food, according to Piper Jaffray’s fall 2016 “Taking Stock With Teens” survey, conducted by analysts at the investment firm.
• Gen Z doesn’t have a lot of patience. Teens prefer limited-service and fast-casual concepts at nearly a 50 percent greater rate than full-service restaurants, according to Piper Jaffray. Starbucks, Chipotle and Chick-fil-A are among Gen Z’s top five brands.

“The youngest generation is shelling out a lot on dining. More than one-fifth of teens’ total budget goes toward food, according to Piper Jaffray’s fall 2016 “Taking Stock With Teens” survey, conducted by analysts at the investment firm.”

http://www.restaurantnews.com/how-new-generation-z-is-shaping-the-restaurant-industry/