Consumers around the world are developing a strong preference for “everything digital” — and businesses continue to deliver on the promise. Restaurants are no exception, with operators answering the call by introducing digital menus, digital signage, digital ordering — and digital payments.
In fact, offering digital payment options is critical for restaurants given consumers’ ever-increasing desire for them — a desire that’s especially marked among Millennial and GenZ consumers.
Digital payments:
An imperative for restaurants
of consumers in all demographic groups would like restaurants to accept digital and contactless payments via:
LEARN MORE
More than one way to pay
84%
Money transfer apps like Zelle®, Venmo®, and PayPal®:
QR codes:
Contactless cards:
Digital wallets like Google Pay® and Apple Pay®:
Pay-by-text:
45%
42%
39%
22%
20%
Source: U.S. Bank Payment Solutions: 2021 Restaurant Payments Insight Report
TOP
have used the payment feature in a restaurant’s mobile app
Consumers are also availing themselves of digital payment options in restaurants that offer them.
In the past 12 months:
46%
have used a QR code
13%
have used a digital wallet or contactless credit card
39%
Some consumers use a digital wallet more frequently than a debit card, credit card, gift card, or cash when ordering food from or dining at a restaurant, including:
of all consumers
23%
of consumers ages 21 to 35 years
30%
Consumers worth pleasing
More than consumers in any other demographic group, Millennial and GenZ guests want restaurants’ payments menus to feature several different digital payment methods.
Source: U.S. Bank Payment Solutions: 2021 Restaurant Payments Insight Report
The size of the Millennial and GenZ market makes it even more important for restaurant operators to invest in technology that enables digital payments…
Mission critical:
Millennial consumers born between 1981 and 1996 comprise the largest demographic group in the U.S., at
72.26 M
GenZ consumers born between 1997 and 2012 now number
67.06 M
in the U.S. alone
…and so do their spending power and preferences.
Total average
annual expenditures
Millennials
$600 B
GenZ
$143 B
Source: Statista Research
Millennials
$2.5 T
GenZ
$34 B
Spending power
Millennials’ spending power will increase as their income reaches an estimated
$8.3 t
by 2025
Source: McKinsey & Company
Dining out and takeout: A top priority
Digital payment preferences by demographic group
Younger consumers spend more money on restaurants than consumers in other age groups.
Average annual restaurant spending per consumer by generation
$2,765
$2,529
$2,460
$2,090
$1,651
Under 25 years old
25-35 years old
36-54 years old
55 -75 years old
75+ years old
Source: Epsilon
CLICK ON INDIVIDUALS FOR MORE STATISTICS
of Millennials spend more money on coffee than they invest in their retirement accounts each year
40%+
71% of Millennials and 50% of GenZ consumers put dining out and getting takeout on the list of their top 10 monthly expenditures
Source: Acorns
Source: YPulse
Source: Clutch
Source: Deloitte
of Millennials and GenZ consumers eat at restaurants more often now than before the pandemic
44%
The right payments partner will help restaurant operators to optimize the payment experience — and satisfy growing consumer demand for seamless, secure digital payments.
Click here to learn more.
U.S. Bank Payment Solutions, powered by Elavon, can help.
of Millennials order takeout at least once a week
50%
Source: Epsilon