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.”
"and slower real wage growth”
if people can’t afford their food anymore, real wages are not growing at all, i’d say. in fact, they’re shrinking.
yeah no shit
The only surprising part is that a CEO of a major company was willing to say it out loud.
Only because it affects his bottom line. No other reason.
Shit… Gen X and I’m not exactly a broke kid, but I still have to be judicious about how I spend my money. Picking up fast food for the family is $50 minimum. Ten meals in a month is $500. I’m not so well off that I can piss away a car payment every month. Shit I’ve had lower mortgage payments.
Maybe (hopefully) I’m interpreting this incorrectly. But you pay $500 a month for a car?!?
my 25 outback is $694 :/
It’s paid off now, but my Chevy Volt was about $500/mo, yes.
Ouch, I do applaud you for not getting a giant yank tank though
Thank you for “yank tank”. I will treasure it.
Nah, I’m burdened by their brand quality.
Surprisedpikachu.jpg
Don’t need an MBA to realize the economy cannot be healthy when you have a completly hollowed out consumer base, but I suppose just like climate change we’re doomed by the diffusion of responsibility
It isn’t hard to cook a better tasting and healthier meal at home, and it saves money. The only downside is it costs an hour or two. I hope this is really a sign that the younger generation is getting sick of the garbage that passes for food at most restaurants.
I think it has 100% to do with affordability. The food was never that great to begin with, but when it was cheap, you could justify the expense for the experience.
Its more like 15 mins.
If you were to passively braise meat for 3 hours, you should not count the time it takes to cook if you can do something esle. Just count the time to actively do the prep. I’ll put a braise in the oven and watch Lord of the rings till my timer goes off.
Some meals are that easy. Others require constat stirring. Note that I said meal - one dish is not a meal.
We are talking about Chipotle alternatives. I doubt much on Chipotle’s menu requires hours of constant stirring.
But even if not, really the only thing that requires constant stirring is risotto and even that’s only for about 30 mins of active prep.
I’ve worked as a sous chef for a bit, so I understand cooking takes effort, but it’s not a 2 hour process unless you’re cooking in bulk to save time for later in the week.
Point is, It’s not much of a time saver to go out to eat, unless it’s already cooked.
Most chain restaurants here seem comparable in quality to some of the better microwave meals.
