Shares of Chipotle Mexican Grill fell this week as the restaurant chain pointed to economic pressures putting pressure on customers, especially young people and those who are not Earning higher income.
Chipotle CEO Scott Boatwright said households with incomes under $100,000 eat out lessoften because of concerns about the economy And inflation.
Boatwright specifically pointed to 25- to 35-year-old customers who are feeling burdened. Unemploymentincreased student loan repayment And slow wage growth in relation to inflation, and he said he thinks restaurants across the industry are seeing something similar.
Chipotle cut its forecast for a key underlying measure of sales growth this year.
during a earnings callBoatwright described the company’s rewards programs as a way to engage customers, especially youth.
“We believe we have an opportunity to create more engaging experiences that move consumers into the rewards funnel, grow our active members and result in higher frequency and spend,” he said.
