Dessert and dining out are enjoying a renewed focus.
A new American Express survey conducted in April among a sample of 2,004 adults with a household income greater than $50,000 showcases current dining behaviors and what young people are prioritizing in the US. This is all tied to American Express Platinum’s 40th anniversary celebration “Platinum Summer,” which is giving card member special offers and experiences like dining.
The new data finds:
General dining behaviors
- 70% of adults dine out at least 2-3 times a month.
- 59% of Gen Z & Millennials rely on social media for dining recommendations.
- 58% of Gen Z & Millennials ‘always’ or ‘often’ look at a restaurant's menu ahead of time and make selections.
Dining is a priority for Gen Z & Millennials
- 53% of Gen Z & Millennials prioritize dining experiences over any other experiences.
- 47% of Gen Z & Millennials say they often sacrifice other activities to dine out more. Of those Gen Z & Millennials who say they do this, top sacrifices, including shopping, entertainment and relaxing.
- 51% Gen Z & Millennials prioritize spending on dining out over saving money.
Further, American Express issued its third Amex Trendex: Small Business Edition, which found that even as small business owners surveyed face continued economic uncertainty, their personal drive and long-term aspirations are buoying their optimism.
"Small business owners are concerned about issues like pricing and cash flow forecasting, but they are overwhelmingly happy that they chose their career path as an entrepreneur, and most intend to be small business owners for the long run,” said Gina Taylor Cotter, executive vice president and general manager, Small Business Products & Business Blueprint at American Express. “We also found that growing up with technology and social media has influenced how Millennials and Gen-Zers operate as small business owners: they are more likely to start a company right out of school and rely on technology to run their business."
The Amex Trendex report found that small business owners are motivated by their long-term ambitions. Six-in-ten respondents (60%) expect their business to be a long-term venture and run for more than five years. When asked about their long-term business goals, longevity rose to the top (49%), followed by becoming an established leader in their industry (32%) and growing their employee base (24%).
As for why owners chose to start their small businesses: more than eight-in-ten respondents (84%) were inspired by a personal passion; nearly two-thirds (65%) saw a need in their community; about six-in-ten (59%) want to support their family and future generations; and over four-in-ten (44%) needed more flexible work.
