Posted 3/22/2024, 5:03:29 PM
Darden Sees Shift in Customer Mix as Higher Earners Dine Out More, Lower Incomes Pull Back
- Darden Restaurants (Olive Garden, LongHorn) seeing fewer customers from lower income groups ($50k and below)
- Higher income groups (over $150k households) are dining out more compared to last year
- Reflects "two-track economy" where lower incomes pull back and higher incomes spend
- Fast food chains (McDonald's) also struggling to attract lower income consumers with higher prices
- Darden income mix returning to pre-pandemic levels, with fewer low income customers and more high income
