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Chipotle CEO sounds alarm on the American economy: Gen Z and millennials are too burdened by unemployment and student loans to eat out (finance.yahoo.com)

submitted 6 months ago by FlashMobOfOne@lemmy.world to c/usa@lemmy.ml

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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.”

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[–] supersquirrel@sopuli.xyz 51 points 6 months ago* (last edited 6 months ago) (2 children)

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

No, they are losing us, period.

Do you think we are excited to live after being treated this way? Why would we be?

Even if things are magically fixed tomorrow, the feeling of economic valueless to the society around us and the brittle anxious state of precarity have settled into our bones.

What a failure to grasp the seriousness of the moment...

[–] Xaphanos@lemmy.world 14 points 6 months ago (1 children)

You can say the exact same thing for over-60s like me. No jobs will hire us. Squeezed by economic realities. Shunned as irrelevant, unwanted, and ugly.

[–] supersquirrel@sopuli.xyz 8 points 6 months ago* (last edited 6 months ago)

Absolutely, I didn't mean to suggest this is exclusive to younger people.

[–] FlashMobOfOne@lemmy.world 4 points 6 months ago

the feeling of economic valueless

This is a really good point. There's a local pizza place near me and a large costs $25 with one topping, but it's so dang good I never question the price. But you won't find me dropping $10 for a junky Papa John's pizza.