We’re dropping $900,000 on avocado toast every month, Square reports
Your food budget is toast.
Americans are spending almost $900,000 per month on avocado toast, according to Square, which crunched the data from businesses processing credit card transactions using its payment software.
And that’s a huge spike in buying the green super fruit smeared on bread since 2014, when Square sellers were only hawking $17,000 worth of the brunch favorite each month. Plus, the Square data doesn’t include the countless other slices that diners are buying with cash and other payment methods at restaurants and food trucks.
Australian millionaire Tim Gurner’s claim in May that Millennials can’t afford to buy homes because they’re spending their savings quickly went viral.
“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” he told “60 Minutes Australia.”
Square’s data reveals the average avocado toast dish among its hundreds of sellers costs $6.78, but it can run as high as $18. The average price was highest in Los Angeles ($8.50) and lowest in D.C. ($4).
There are plenty of factors besides brunch that are keeping young adults from buying houses, of course, including increased student debt ($37,000 on average in 2016, versus $6,500 in 1990) and the fact that Millennials were making about $2,000 less on average in 2013 than their parents were in 1980.
And the price of avocados keeps adding up as the supply struggles to meet with the American appetite for the buttery fruit. Avocado prices were at an all-time high of $28 a case – more than double last year’s price – ahead of Cinco de Mayo this year, and everyone from McDonald’s to Starbucks has added avocado to the menu.
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