Generational Spend Differences in August 2025

DALLAS, TX (September 9, 2025) — Millennials and Gen Z may be spending less at restaurants, according to new analysis from Black Box Intelligence. Despite historically devoting a larger share of their wallets to food away from home, younger Americans are now showing signs of financial stress that are spilling into restaurant performance.

National economic data paints a sobering picture: U.S. household debt has more than doubled over the past 20 years, and repayment delinquencies — particularly on student loans — have returned to pre-pandemic levels since the repayment pause ended in 2023. With Millennials holding under 10% of national wealth despite making up 22% of the population, and 42% of Gen Z adults under 30 reporting they are “barely getting by,” younger generations face unique financial headwinds.

Using its proprietary restaurant performance dataset in combination with U.S. Census demographic information, Black Box Intelligence examined restaurant results in the youngest 10% of U.S. zip codes, defined as those with a median age under 32.7.

The findings are clear:

• In 2024, restaurants in these “younger” zip codes outperformed the rest of the country, averaging +0.5 percentage points stronger year-over-year same-store traffic growth from January through July.

• By late 2024, the trend reversed. With the exception of November (boosted by a Thanksgiving calendar shift), younger zip codes underperformed in nearly every month.

• In 2025 year-to-date, restaurants in younger zip codes are trailing the national average by an average of –0.9 percentage points in same-store traffic growth.

“Younger consumers tend to have lower incomes, are facing rising debt and limited asset accumulation — and it’s beginning to show up in their restaurant behavior,” said Victor Fernandez, Chief Insights Officer at Black Box Intelligence. “While these generations continue to value food away from home, the data signals that financial realities are forcing them to pull back.”

More Information:

• August 2025: Analyzing Generation Differences in Restaurant Spend

About Black Box Intelligence

Black Box Intelligence is a data and technology company serving multi-unit restaurant businesses. With a history built on drawing on financial performance, workforce intelligence and guest sentiment from an extensive network of restaurant brands, it now combines the best benchmarking in the industry with experience management and guest sentiment measurement technology to provide a clear and quantifiable roadmap for operational success.

Media Contact:

Andy Smith
Chief Marketing Officer
Black Box Intelligence
andy.smith@blackboxintelligence.com