Morgan Stanley argues that the shift in eating habits may be attributed to the younger generation who is more willing to spend on “food away from home.”
“The percentage of income that Americans spend on food outside the home has been steadily growing over the last 150 years,” according to BITE and ETF Managers Group. “Originally propelled by the increased mobility provided by modern transportation, this trend has continued up to the present day, driven by the convenience, quality and value provided by modern restaurants.”
BITE’s top holdings include Buffalo Wild Wings (NasdaqGS: BWLD) 3.1%, Chipotle Mexican Grill (NYSE: CMB) 2.9%, Carrols Restaurant Group (NasdaqGS: TAST) 2.8%, Panera Bread (NasdaqGS: PNRA) 2.6% and Starbucks Corp (NasdaqGS: SBUX) 2.6%.
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Max Chen contributed to this article.