Chipotle Mexican Grill plans to raise menu prices for the fourth time in two years. Millennials and Gen-Zers will have a shitfit when they discover additional price hikes.
"For the first time in over a year, we will be taking a modest price increase to offset inflation," Chipotle Chief Corporate Affairs Officer Laurie Schalow wrote in a statement to CNBC. She did not reveal which menu items would be affected.
Last summer, the burrito chain announced a price hike that increased the most popular entrees on the menu by more than $1. Months before that, in 1Q22, the company raised prices by 4%, and in June 2021, the company raised prices to offset soaring labor costs.
Young folks will lose their minds when they hear about the next round of Chipotle price hikes. Many can't afford rent and groceries, barely have any personal savings left, and have racked up insurmountable credit card debt to survive President Biden's disastrous economy where inflation is eating households alive. Many of these folks are still living at home.
Millennials crying about life, rent, groceries.
— Wall Street Silver (@WallStreetSilv) October 12, 2023
"and all we do, we record a video and post it on social media. Then we close up the app and go about our day."
Do you have sympathy for their situation? Or do you want to tell them, "try voting differently next time." I sort of… pic.twitter.com/KEZ3rjxdxw
With the fourth price hike in two years, Chipotle is walking a tightrope where customers might pull back on restaurant spending, trade down for cheaper chains, or start making their own lunch/dinner. In April, CEO Brian Niccol mentioned that while the brand had demonstrated its pricing power, it would refrain from further price hikes. Back then, menu prices had risen by about 10% compared to the same period the previous year.
Consumers may already be revolting. According to Google data, internet searches for "Boycott Chipotle" appear to be spiking.
As of this week, a chicken burrito bowl (without any extra guac or queso) in NYC is around $11.
