Sam Mustafa Says Baby Boomers Are Driving Restaurant Industry Growth

PHILADELPHIA, PA, May 27, 2013

Sam Mustafa, founder of the Charleston Hospitality Group, understands that the restaurant industry, like any other sector within the economy, has its ups and downs. The recession certainly had a major impact on the restaurant field, but the demographics of the general population are also significant factors to consider when looking at the activity within this industry. According to an article published by The New York Times, the baby boomer generation has created a surge in business for the restaurant industry. Here, Mustafa looks at how baby boomers are contributing to the growth of this sector.

The article explains that the role the baby boomer generation is playing in the current improvement in the restaurant industry has actually caught many individuals by surprise, as the millennial generation was the one that was anticipated to create a surge in restaurant patronage. But, the article asserts, "A recent study by a market research company, the NPD Group, found that over the last five years, restaurant visits by boomers and older Americans have grown steadily, while those by millennials (basically people under 30) have declined."

Traditionally, retired generations have opted to eat out less in an effort to conserve their savings and ensure that their funds last. But the article asserts that key differences between the work experience of baby boomers and the generations that have come before them play a role in allowing today's retiring population to eat out at an increased rate. First and foremost, many baby boomers worked well past the ages of the retirees who came before them, meaning that they have more disposable income to spend and less time over which to distribute it. As such, they may experience a higher degree of financial freedom. Additionally, baby boomers frequently make more money than millennials, who are still largely trying to find their footing in a country that is still reeling from the recession.

The general attitude of the baby boomer generation, too, plays a role, according to the article.

With a more active lifestyle than many of the generations before them, baby boomers are more likely to engage in activities, like eating out, that allow them to get out of the home and experience the community. In many cities that have strong communities, like Charleston, South Carolina, this is particularly true.

"Charleston is a wonderful city that has great residents and tourists," asserts Sam Mustafa. "Both the people who live here and those who come to visit enjoy engaging in the community and exploring the culinary traditions of the city."

Sam Mustafa encourages individuals to explore new restaurants and the dining culture of their favorite cities.

ABOUT:

Sam Mustafa, founder of the Charleston Hospitality Group, established the company in 2008. The organization is one that aims to offer residents and tourists of Charleston alike a quality array of nightlife, transportation, catering, and food. Since its opening, the Charleston Hospitality Group has grown rapidly and currently includes nine companies and five brands, including Queology. With the help of his business partners and team members, Mustafa continues to improve the Charleston community while providing visitors and residents with access to high quality services and experiences.