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American Eating Habits Are Changing Faster than Fast Food Can Keep Up (bloomberg.com)
Home cooking would be making a comeback if it ever really went away. From a report: Restaurants are getting dinged by the convenience of Netflix, the advent of pre-made meals, the spread of online grocery delivery, plus crushing student debt and a focus on healthy eating. Eighty-two percent of American meals are prepared at home -- more than were cooked 10 years ago, according to researcher NPD Group. The latest peak in restaurant-going was in 2000, when the average American dined out 216 times a year. That figure fell to 185 for the year ended in February, NPD said.
Don't be fooled by reports of rising U.S. restaurant sales at big chains like McDonald's. Increases have been driven by price hikes, not more customers. Traffic for the industry was down 1.1 percent in July, the 29th straight month of declines, according to MillerPulse data. "It's counterintuitive because you see a lot of things in the press about restaurant sales increasing," said David Portalatin, a food-industry adviser at NPD. "America does still cook at home." The shift is weighing on the fast-food industry. Eateries already are struggling with higher labor and rent costs that they're passing along to customers, which in turn makes home cooking more economical. McDonald's, Jack in the Box, Shake Shack and Wendy's have all raised prices in the past year.
Don't be fooled by reports of rising U.S. restaurant sales at big chains like McDonald's. Increases have been driven by price hikes, not more customers. Traffic for the industry was down 1.1 percent in July, the 29th straight month of declines, according to MillerPulse data. "It's counterintuitive because you see a lot of things in the press about restaurant sales increasing," said David Portalatin, a food-industry adviser at NPD. "America does still cook at home." The shift is weighing on the fast-food industry. Eateries already are struggling with higher labor and rent costs that they're passing along to customers, which in turn makes home cooking more economical. McDonald's, Jack in the Box, Shake Shack and Wendy's have all raised prices in the past year.
Tiny? About 1/3 of adult Americans have college degrees, but here's the kicker: about 60% of adult Americans have attended college, but a large fraction of them never finish. If you include technical schools that don't grant degrees but which students take out loans to attend, the number goes up further.
Americans owe over 1.3 trillion dollars in student loan debt -- more than they owe in credit card debt by a good margin. That's why cracking down on unscrupulous or misleading educational institutions is important. Education -- both college and trade -- is a huge industry with a big impact on the economy.
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