Love going out to eat? Join the club. And while you're at it, take out another line of credit. A new study says Minneapolis-St. Paul is the fastest growing city for restaurant spending.
We gotta keep up with all of the new openings somehow, right?
Right, actually. The study, recently released by real estate research analysts CBRE, specifically states that the spending correlates with local restaurant opening trends including food trucks, food halls, chef-driven independent restaurants and “groceraunts.” (There’s a new term we're gonna love over-using from now on).
The researchers also posit that our local consumer spending habits might have to do with our relatively low cost of rent -- more disposable income for noshing.
And slightly less competition for restaurant owners (compared to, say, New York City) propels yet more restaurateurs to open restaurants where we can spend our hard-earned cash.
Millennials dine out more frequently than their older counterparts, but Generation Xers and baby boomers contribute most to restaurant sales. Other big spenders after us include Denver, Baltimore, and Philadelphia.
This news comes on the heels that Americans spent more money in restaurants than in grocery stores for the first time in U.S. history this past year. Looks like we are responsible for a big piece of that pie, Twin Cities.
Now, get out and eat.
Check out the full research study here.