Chipotle: Lower-Income Customers Now Outspending Higher-Income Shoppers

Bullish Gator

CEO Scott Boatwright says in Q3 lower-income customers outspent higher-income customers for the first time this year.

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Chipotle CEO Scott Boatwright said lower-income customers outspent higher-income customers in Q3, a change from earlier in the year when wealthier shoppers drove more spending. That shift is notable because it speaks to where the chain is finding growth inside the same diner base rather than via price or menu changes. The remark came during earnings commentary and is one clear line the company gave analysts trying to explain continued top-line strength despite a tougher macro backdrop.