“Millennials view dining out as a social event (i.e. a chance to connect),” the Restaurant Association said. “They tend to favor fast food, deli food and pizza restaurants over coffee shops, high-end dining and casual dining. Their diversity and interest in new things draw them to more ethnic restaurants too.”

In contrast, older Americans are more apt to take grocery trips. According to a Gallup survey, the share of 51-to-69-year-olds who said they are spending more on groceries outpaced those who said they are spending less than by 45 percentage points year-over-year.

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For more information on the consumer space, visit our consumer discretionary category.

Max Chen contributed to this article.