“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.”

  • Dagrothus@reddthat.com
    2·
    3 days ago

    Groceries are getting expensive too though, at least in colorado. Seems like the only cost effective options anymore are costco and trader joes, and there are only 3 total in my city of half a million people. Safeway is crazy overpriced for no reason; often more expensive than eating out.