“We’re not losing them to the competition. We’re losing them to grocery and food at home,” Scott Boatwright said.

Even fast-casual dining may be too much of a financial burden for younger generations.

Chipotle CEO Scott Boatwright said young diners between the ages of 25 and 35 are cutting back on dining at the Mexican-inspired fast-casual chain. But these millennial and Gen Z customers are not snubbing Chipotle for other fast food spots; they’ve stopped dining out as frequently altogether.

“This group is facing several headwinds, including unemployment, increased student loan repayment, and slower real wage growth,” Boatwright told investors at the company’s earnings presentation on Wednesday. “We’re not losing them to the competition. We’re losing them to grocery and food at home.”

  • CileTheSane@lemmy.ca
    5·
    3 days ago

    I knew it was going to come to this. Come Christmas time companies will start sounding the alarm about the economy when people barely surviving day to day don’t have any extra to buy their shit as Christmas gifts. It’s been ignored for months (years?) but once it actually starts affecting companies then the people in charge will actually pay attention.

    America, where not only are corporations people, they are the most important people.

    • BanMe@lemmy.world
      5·
      3 days ago

      McDonalds has been actively lobbying the WH to raise the minimum wage for months, realizing the economy is about toast. They refuse to be the only one to do it, you know, let capitalism solve its own problems like it supposedly does. So they’re going to make everyone else do it at the same time. But I’m sure not enough to have a meaningful effect, just keep the treadmill greased.