Aussies spend up on eating out

By Sarah Stowe | 15 Nov 2017 View comments

Fast food and restaurant dining remain popular choices for Australians who each month spend about $230 on eating out.

And while the fast food spend is less than the money spent in restaurants it’s on an upward trend.

A Commonwealth Bank survey of its customers’ spending habits has found on average people are forking out about $90 per month on fast food and $143 per month on restaurants, up 20 per cent and six per cent since July 2015.

Executive general manager of digital, Pete Steel, said the bank’s customers are spending a total of more than $640 million every month on both fast food and fine dining.

But who is spending?

Steel said millennials lead the pack with the most frequent meals eaten out, Gen Xers win for total fast food spend, while baby boomers top the list for splashing out the most at restaurants.

People under 30 make up almost half of all fast food purchases, and a third of restaurants’ trade but they’re not the ones spending the most cash, Steel said.

“Customers aged 40 to 45 spend the most per month on fast food, potentially because they are purchasing meals for a family, while those aged between 50 and 55 spend the most in restaurants – $184 a month on average,” he said

The bank noted that spending on groceries has barely changed, increasing by only two per cent in the last two years.

However, the grocery sector is developing, with the so-called ‘grocerant’ category now combining the ‘grocer’ and ‘restaurant’ elements in one venue.