Read our full analysis for a more in-depth look at these trends.
Taste test: Where consumers are dining out
Higher prices and slower income gains are pushing diners to rethink where and how often they eat out.
February 2026
Key takeaways
- Restaurant spending has increased its share within overall retail sales since 2020, but spending growth moderated in the second half of 2025 as labor-market momentum slowed. Consumers are still dining out, yet higher prices and slower income growth — especially for lower- and middle-income households — are making them more deliberate about where and how often they spend.
- According to Bank of America card data, casual dining and pizza restaurants have seen multi-year share declines within overall restaurant spending as consumers gravitate toward eateries that offer better value, convenience, or novelty. Millennials account for the largest share of spending across all types of restaurants.
- While the appetite for dining out remains relatively healthy, diners have become more selective and are increasingly seeking value and innovation, according to BofA Global Research. Interestingly, independent restaurants have shown sustained strength in spending growth relative to chains throughout the past year, especially among higher-income households.
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