Chipotle’s menu price hikes haven’t fazed high-income households
October 26, 2022
- Chipotle’s dine-in sales increased 22.1% year-over-year during Q3 2022, according to the company’s earnings release. Comparatively, dine-in sales rose 35.9% during Q2 2022.
- Sales reached $2.2 billion, driven by a 7.6% comparable sales increase over Q3 2021, CEO Brian Niccol said during Chipotle’s earnings call. Between Q2 and Q3, 2022 sales remained essentially flat.
- Year-over-year sales growth continued to grow despite a reduction in frequency by low-income consumers. A majority of Chipotle’s customers come from high-income households, which have increased frequency, Niccol said.