Money Eating out costing $230 a month: report

08:56  14 november  2017
08:56  14 november  2017 Source:   msn.com

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Australians spend around $ 230 every month on fast food and restaurant dining on average, new figures show, but how often they eat out and how much they spend depends a lot on their age.

I eat out perhaps once a week at this point in my life. However, when I reflected back on earlier stages in my life, that number seemed completely reasonable. The average American spends 2 per month eating meals prepared outside the home.

Generic pictures of a beef sandwich from Subway fast food outlet.© PA Images/PA Images via Getty Images Generic pictures of a beef sandwich from Subway fast food outlet. Australians spend around $230 every month on fast food and restaurant dining on average, new figures show, but how often they eat out and how much they spend depends a lot on their age.

A Commonwealth Bank survey of its customers' spending habits has found on average people are spending around $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.

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Health costs aside, let’s look at the more definable financial costs of eating out with some back-of-the-envelope math. Using myself as an example: I tend to eat out about 6 times per month , usually socially, and the rest of the time I prepare my meals myself.

Interesting to note: as income increases, more monthly food spending consists of eating out . (‘Only‘ ,214.85 was spent eating out – 1 a month ). If you want to compare that to your own spending, factor in the Bay Area’s food prices, and an over 9% sales tax.

Mr 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, Mr 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.

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Source: http://au.pressfrom.com/news/money/-46548-eating-out-costing-230-a-month-report/

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