PHOENIX — Hey, big spender(s): Millennials in Phoenix spend more money at a quicker rate at local restaurants compared to any other age group, according to the Phoenix Business Journal.
A recent report from the JPMorgan Chase Institute found that the Phoenix metropolitan area saw a consumer spending growth rate of more than 3 percent over a 22-month period, ranking it among the top cities nationwide.
The metropolitan area ranked No. 6 in the country, just behind Atlanta, Portland, Los Angeles, Dallas and San Diego.
However, the city beat out other major areas such as Denver, San Francisco, Chicago, Miami and New York.
Phoenix also topped the national average for consumer spending growth, which came in at 2.4 percent.
According to the findings, which were released in JPMorgan’s “Local Consumer Commerce Index,” some of the largest increases in spending came from shoppers under 25 and those in the bottom 20th percentile of the income bracket.
Most shoppers spent their money at restaurants in which they reside, an area that saw a 7.5 percent increase in spending in the last year. Businesses in the area also saw a large amount of growth, just under 4 percent.
JPMorgan determined its rankings by tracking a monthly year-over-year growth rate using credit and debit card transactions throughout 15 cities nationwide.