“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.”

  • ✺roguetrick✺@lemmy.world
    12·
    3 days ago

    Income inequality rising is a feature not a bug. Now let’s lower them interest rates to bouy asset prices while wages stagnate against inflation so we can maintain employment by making employees cheaper. We’re cooking with gas baby.