According to CNBC, the Merrill Lynch study, which focused on “government retail sales,” found that restaurant sales are slowing down at an alarming rate in the past three years. In the millennial age group, restaurant spending was at “9 percent year over year in 2015 to just 1.6 percent now.” And don’t try to explain away the trend by pointing out that they might just be cooking at home more often to save money. According to Michelle Meyer, head of U.S. economics at Merrill Lynch, supermarket spending is slow, too.

Have millennials taken up fasting? Are they drinking Soylent and forgoing food altogether? Not exactly—Meyer hypothesizes that online grocery sales might account for the slow down and that many people are going out to eat less, but spending more when they do indulge in a restaurant visit.