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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 1 month 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 5 points 1 month ago

The people who do spend, however, can't anymore, and the scary thing is, that doesn't impact the wealth of truly wealthy in a meaningful way. Those people are planning for the crash, because for them, it's just another buying opportunity.

see Naomi Klein's The Shock Doctrine for extensive explanation of this.

https://en.wikipedia.org/wiki/The_Shock_Doctrine