Gen Z and Millennials are heavily burdened by unemployment and student loans

Even regular fast food can be a financial burden for younger generations.

Chipotle CEO Scott Boatwright said young diners between the ages of 25 and 35 have been cut back on meals in Mexico’s fast-moving case. But these are the Millennial and Gen Z consumers that Chipotle is showing other fast food places; They stopped eating regularly.

“This group is facing several headwinds, including unemployment, student loan repayments, and slow wage growth,” said the writer of the boat, “said the boatmen in Prontral Revotions Presetsants on Wednesday. “We are not losing the competition. We’re losing them in stores and eating at home.”

Patewright noted Chipotle customers making less than $100,000 — about 40% of Chipotle’s customer base — were also pulled back.

“They hear a little bit, we hear that they are against them,” he concluded.

ChipOtle Cut Its Same-Store Sales Position for Its Third Quarter in a Row As Expected Quarterly and Traffic Declined 0.8%, and Its Third Straight CIP.

Some fast food chains have noted the emergence of a two-tier economy for high-income earners in food while lower-income leaders tighten their belts. This includes McDonald’s, which was highly recommended by customers willing to spend a lot of money on the case.

“There’s a lot of commentary around, ‘What’s the state of the economy, how are we doing now?'” McDonald’s CEO Chris Kempczinski told CNBC last month. “And what we’re seeing, it’s really a boon in a two-tier economy. If you’re a high-income earner, you’re earning more than $100,000, things are very good…

Fast food restaurants are also making a concerted effort to attract Gen Z Diners, including McDonald’s happy drinks, Taco Bell Spinoff drinks, and KFC spinoff saucy chicken tenders. Chipotle has made similar efforts with time-limited offerings of aggressive payments, with some success.

“Through our research, we found that more than 90% of Gen Z Conners say they will visit a restaurant because of the new sauce,” the makers said Wednesday.

Chipotle did not immediately respond Good luckrequest for comment.

Amidst the affordability crisis, it may take more than Adobo Ranch or red Chimichurri to get younger customers in grocery stores more often. Gen Z in particular has changed the way they eat to save money, using cheaper menu options like splitting appetizers and ordering kids’ meals.

Eating out comes at the expense of Gen Z and Millennials, who are trying to pay their bills. A Red survey of 4,000 homeowners and renters, conducted in August, found 40% of Gen Z and Millennial renters are spending less to make monthly payments. More than 20% reported skipping meals altogether to get rid of acne.

The rising data could confirm the boatload of suspicions about Gen Z’s financial burdens. Gen Z’s credit scores have experienced the largest annual drop of any generation since 2020, in part due to student loan repayments, according to the latest FICO report. And in addition to coping with an expensive housing market, younger generations are struggling to find or keep jobs to advance their careers.

A JPMORGANGASSE INSITITE MUST GET report on Wednesday found that young people aged 25 to 29 had the lowest income growth in the last decade. The unemployment rate for 16- to 24-year-olds hit 10.5% in August, nearly three times the rate reported by the Fed Reserve Bank of St. Louis Data.

In the period of “job siging” in the low labor market, towards Ai From entry level entry, Gen Z has lost the job development from changing jobs to make more money, jpmorganchase noted in the report. This lowers their spending power – and makes it clear their worries are over whether they want carnitas or chicken in their burrito bowls.

“We’re already seeing that young people are having a hard time finding a home food base,” George Eckerd, director of wealth and markets research for the JPMorgan Chase Institute, told Good luck. “They’ve delayed buying a home because they need to move up the ladder to be able to afford it all, and the job ladder is flatter.”

This story was originally posted on Fortune.com