Americans love to say they’re eating out less to save money. But the numbers tell a different story. While surveys show people claiming to cut back on dining, spending data suggest restaurant tabs are actually climbing. Fast-food prices are still high, casual dining chains are tempting customers with deals, and households are choosing “quality over quantity” when it comes to meals out. So, are we really saving—or just shifting how we spend? Let’s break it down.
Fewer Visits, But Bigger Bills
Survey after survey shows people saying they’re cutting back on dining out. But Bank of America’s data shows that even when visits drop, spending per visit goes up. Diners may go out less often, but they’re spending more when they do.
Restaurant Spending Outpaces Groceries
Between March and June, household spending at restaurants rose 2.1%. Grocery spending, by comparison, barely moved—just a 0.1% increase. So even if shoppers swear they’re tightening belts, the checkout lane tells a different story.
The “Dining Out Less” Illusion
In a CivicScience survey, “dining out less” was the second-most common way people said they were saving money. But card data doesn’t line up. People are saying one thing and swiping their cards for another.
Inflation Hits the Menu
Restaurant prices have soared in recent years. Fast-food chains saw double-digit increases in 2022 and 2023, far higher than the normal 2% yearly bump. And while inflation has cooled, those higher prices are sticking around.
Low-Income Diners Adjust Strategies
Lower-income households did cut back on restaurant visits in June. But here’s the twist: when they did go out, they spent more per visit. That means savings from fewer trips got wiped out by pricier tabs.
Fast-Food Isn’t the Automatic Choice
For years, fast food was the go-to for quick and cheap. But in June, diners actually trimmed fast-food visits. Instead, they showed up more at casual sit-down chains, signaling a shift in what “value” means.
Deals Are the New Bait
With sticker shock everywhere, restaurants are dangling deals to reel customers back. McDonald’s $5 meal is now a staple, and Chili’s is jumping in with its own value plays. Customers want to feel like they’re still winning, even when prices stay high.
Experiences Over Cheap Eats
Bank of America calls it “consumer selectivity.” Diners are trading in more frequent cheap bites for fewer—but more meaningful—meals. Think fewer drive-thru runs, but more sit-down nights with friends or family.
Fast-Food Chains Face a Loyalty Test
As casual sit-down chains introduce their own bargain deals, fast food is losing its automatic edge. If customers can snag a sit-down dinner for not much more, fast-food loyalty takes a hit.
The Bottom Line: Saving or Spending?
The data is clear: diners aren’t cutting costs the way they claim. They may eat out less often, but they’re still shelling out more cash overall. It’s less about saving money and more about changing the dining playbook.
