Younger B.C. generations are spending more money on food app deliveries and restaurants than their older counterparts, according to a new report.
The report, done by the credit union Vancity, was undertaken to better understand food spending costs, and how its members are feeding themselves and their families.
Between January to September 2023 the report found through credit card data:
- Generation Z spent 46 per cent of their food budget on restaurants, 32 per cent on groceries and 22 per cent on food app deliveries
- Millennials spent 39 per cent of their food budget on restaurants, 46 per cent on groceries and 15 per cent on food app deliveries
- Generation X spent 38 per cent of their food budget on restaurants, 53 per cent on groceries and 9 per cent on food app deliveries
- Baby Boomers spent 34 per cent of their food budget on restaurants, 62 per cent on groceries and 4 per cent on food app deliveries
- Interwar Generation spent 29 per cent of their food budget on restaurants, 69 per cent on groceries and 2 per cent on food app deliveries
Gen Zs and Millennials combined spent nearly nine times more than Baby Boomers on food delivery using Vancity credit cards last year, according to the report.
The report states that both Gen Zs and Millennials appear to have permanently shifted spending from restaurant dining rooms to food delivery. Both doubled the amount of money spent on deliveries comparing 2019 to 2023.
“To improve the financial well-being of Vancity’s members, we need to first understand their financial priorities,” said Dave Perri, Vancity’s chief member services officer.
“In the face of rising financial pressures, such as the significant hikes in food prices, we want to make sure our members are supported whether that’s managing their credit or budgeting for their meals.”
All generations are also spending less at restaurants overall and more on delivery apps compared to pre-pandemic levels.
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