"This is a trend in the USA, not so much the wealthier other nations."
What other nations have an overbuilt segment of corporate owned, cookie-cutter restaurants like the USA does?
Look at the research on how often people dine out. It is still high. It is just that people want more than a fern bar with a cheesy menu.
All around, I see my favorite chain restaurants and once popular sole proprietorship restaurants closing its doors. It's due to the Millennials and their preference for fast, casual dining and home cooking. Now, I know these people work hard and long hours, so how is it that they cannot afford to treat themselves to a longer, better, more formal or buffet dining experience? These types of restaurants are more expensive than fast or fast-casual foods and one usually leaves a tip, but these places aren't exactly budget busters. If the US had more than 3% annual GDP growth during the Obama years, then we may not be in this mess now. These restaurants didn't see it coming. This is a trend in the USA, not so much the wealthier other nations.
It seems that it is important to vote for the right POTUS and politicians. Obama may have ruined it for one generation as they could not get decent jobs. Once the Millennials graduated, they ended up with high college loans and high taxes in order to support the poor immigrants. The lesson? Never vote for a socialist POTUS or politician again. Let the Canadians eat the fast-casual and fast foods. Now, I'm not against immigration. To the contrary, I am for it. Immigration is one of the keys to real GDP growth, but we can't just let anybody in like criminals and terrorists. Moderation is key and that means border control and immigration management. These restaurants need workers and people who will pick their foods and people who are willing to make better of themselves -- the working poor. These are the ideas that the USA was founded upon. Capitalism works.
It is not that they cannot afford them, it is they have different dining preferences. My daughter is a Millennial and she and her boy friend eat out a lot, way more than I do or even ever did. But they are not looking for a fancy, sit down take 2 hour meal.
When we went to visit her this summer (the first time we went to her, normally she came home to us) she took us to all of her favorites places, it was the best food I had eaten in a long time. Yeah, they were loud and a couple had more drink choices than food choices, but the food was amazing in everyone of them.
Did you have avocado toast? Yeah, I have a millennial son and his eating places are much different. His idea of going out is ordering online, free delivery and eating in. Even going out, these were places I wouldn't normally try, let alone know about, so that's how I got into looking at where they frequent. What popped up were the long-time chains and buffets going out of business including Subway. The downside. There may be other reasons, but one of the reasons was high college debt and not being able to get a job for months, years after graduation. It could be these places are going to pop up on Instagram, too. Yelp, yes. Instagram, no.
Okay, one of the big things is millennials have to learn how to save or spend less than what they make. I even looked at one gal and what she spent money on. She spent too much on things that you and I would've scrimped on while on our first jobs. Part of it could be they don't know how to save or make do with less. I can't find the article again, but here are a couple of examples.
Good and Bad
10 Things Millennials Buy Far More Often Than Everyone Else
Fitness?
This Study Says Millennials Spend More Money On Fitness Than On College, But Do They?
We wouldn't rent that long
Millennials Spend About $93,000 on Rent by The Time They Hit 30