Chipotle CEO Says Gen Z And Millennials 'Feel The Pinch' And Cooking At Home—'We're Not Losing Them To The Competition…We're Losing Them To Grocery'

There's a caller benignant of ghosting happening successful the edifice world—and it has thing to bash with taste. According to Chipotle CEO Scott Boatwright, younger customers aren't abandoning burritos for rival chains. They're abandoning restaurants altogether.

Speaking during the company's October net call, Boatwright laid retired the displacement plainly. "We're not losing them to the competition," helium said. "We're losing them to market and nutrient astatine home."

That alteration is astir disposable among diners ages 25 to 35, a radical that accounts for astir 25% of Chipotle's lawsuit base. Boatwright said those customers are facing a operation of unemployment pressure, pupil indebtedness repayment, and slower existent wage growth—factors that marque eating retired an casual disbursal to cut.

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"They consciousness the pinch," Boatwright said. "We consciousness the pullback from them arsenic well."

The unit doesn't halt there. Boatwright besides pointed to households earning nether $100,000 a year, which marque up astir 40% of Chipotle's sales. That group, helium said, has pulled backmost connected eating frequence adjacent much sharply, contributing to what helium described arsenic a wide slowdown successful transactions.

What's notable is what helium did not say. This isn't astir fading marque loyalty. "It shows we are gaining marketplace share," Boatwright told analysts. In different words, Chipotle isn't losing customers to Taco Bell oregon Shake Shack—it's losing visits to tighter household budgets.

That favoritism matters due to the fact that it points to a bigger displacement successful the economy. For years, a $100,000 household income was treated arsenic a benignant of fiscal decorativeness line. Today, it progressively sits successful a grey zone—above the median income, but acold from insulated.

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According to the Income Paradox Survey — November 2025, conducted by The Harris Poll, adjacent higher earners are cutting backmost connected basics. Among households earning $100,000 oregon much annually, 41% accidental they are either presently skipping meals oregon readying to bash truthful to marque ends meet.

That helps explicate wherefore market stores are winning stock from restaurants. Even households that look comfy connected insubstantial are reassessing mundane spending, swapping convenience for power and eating retired for meals astatine home. Chipotle whitethorn inactive beryllium cheaper than galore fast‑casual peers, but erstwhile budgets tighten, the examination isn't edifice versus restaurant—it's edifice versus groceries.