In the United States, the middle class is increasingly frequenting Applebee’s and IHOP restaurants in search of discounted delicacies such as ribs, chicken wings, and pancakes.
The CEO of Dine Brands Global Inc., the parent company of these two chains, stated that more and more customers come from households with incomes of $100,000, while the patronage of low-income customers has decreased in recent quarters.
During an interview with Bloomberg on Wednesday, John Peyton, the CEO of Dine, revealed that diners from all income brackets tend to choose value meal deals. The new promotions include unlimited ribs at Applebee’s and breakfast sets at IHOP.
“Even some high-income customers are seeking our value meal deals because they too are considering managing their budgets,” Peyton said.
Bloomberg reported that Dine’s consumption trends highlight how tight American families’ budgets have become after years of rising prices.
Peyton mentioned that even low-income consumers are now not opting for cheaper dining out options, but choosing to eat at home to save money.
Dine also owns Fuzzy’s Taco Shop, which has introduced new lower-priced products. Peyton noted that typically the company plans promotional events well over a year in advance, but due to the current weak demand, some recent promotions were executed within about five weeks.
Due to an unexpected decline in same-store sales at Applebee’s and IHOP in the second quarter, the company lowered its annual profit target.
The increase in high-income customers was not enough to offset the overall decline in foot traffic, which is the main reason behind the decrease in sales.
这些数据表明，尽管收入较高的客户虽然增加，但并不能阻止整体客流量的下降。