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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 3 days ago by cm0002 to c/usa@midwest.social

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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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[–] MagicShel@lemmy.zip 23 points 2 days ago (1 children)

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.

[–] AndyMFK@lemmy.dbzer0.com 2 points 2 days ago (2 children)

Maybe (hopefully) I'm interpreting this incorrectly. But you pay $500 a month for a car?!?

[–] possumparty@lemmy.blahaj.zone 5 points 2 days ago

my 25 outback is $694 :/

[–] MagicShel@lemmy.zip 7 points 2 days ago (1 children)

It's paid off now, but my Chevy Volt was about $500/mo, yes.

[–] AndyMFK@lemmy.dbzer0.com 5 points 2 days ago (1 children)

Ouch, I do applaud you for not getting a giant yank tank though

[–] Quexotic 2 points 2 days ago

Thank you for "yank tank". I will treasure it.