Some of your city's favorite bougie brunch spots may start to look a bit emptier in the not too distant future.
A crisis brewing that is sure to hit Millennials and Generation Z particularly hard: One of their favorite staples, avocados, continues to soar in price. Hass avocados from Mexico's Michoacan jumped 7% yesterday to a new record high of 650 pesos per 10-kilogram box. The main ingredient for favorites such as avocado toast and guacamole is now up more than 100% since March.
Prices have been driven higher by a few different factors so far this year. Demand has increased as everyone wants to be seen on Instagram eating avocado toast. Supply has also been light due to lower crops in both California and Mexico. The threat of slapping tariffs on Mexico by President Trump hasn't helped either. Mexico is the largest supplier of avocados to the U.S., which purchased 77% of Mexican avocados last year.
As many younger people are struggling to pay their bills, something as simple as avocado toast or guacamole may soon become another luxury -- like a home, or a vacation, or health care -- that they can only dream of affording.
Millennials and Gen Zers could always plant their own avocado trees as a hedge against price increases, but since they can't use landline telephones or decipher cursive handwriting, that may prove to be too difficult as well.