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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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[–] eestileib@lemmy.blahaj.zone 10 points 6 months ago (3 children)

It's actually the decline in quality that put me over the edge. Even the good local pizza place started tasting different, restaurant food is fuel like any other now, it's not special.

40 years ago Wendy's burgers were actually good.

[–] teagrrl@lemmy.ml 6 points 6 months ago

A lot of restaurants are basically who can cook Sysco frozen jalapeno poppers the best. They all taste and look the same.

[–] queermunist@lemmy.ml 4 points 6 months ago (2 children)

COVID causes brain damage that effects sense of taste.

[–] eestileib@lemmy.blahaj.zone 4 points 6 months ago

Yeah my aunt can't taste anything any more after covid, it's awful.

Meanwhile I can poach a $1.50 chicken thigh in $0.75 of stock and it tastes like heaven, so that's not my problem.

[–] goferking0@lemmy.sdf.org 3 points 6 months ago

That and everyone trying to lower costs by cheaping out even more

[–] brucethemoose@lemmy.world 2 points 6 months ago

Do you have a Steak and Shake or Marco's near you?