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.”
It does if your overworked and too tired to make food. Yeah you can make a healthier, tastier, cheaper meal at home but it may take you an hour to do. That’s a lot of extra work a week especially if you live alone and don’t have anyone to share that work with and some people just don’t have time for that.