ZeroHedge: Sentiment continues to turn negative for the US consumer as the latest warning sign comes from a multi-brand restaurant operator with more than 1,900 full-service locations nationwide. During a Thursday morning conference call, the management team warned Wall Street analysts about “softness” among wealthier households.
Darden Restaurants CEO Rick Cardenas said, “We are seeing a little softness versus last year with household incomes above $125,000, and that primarily affects our Fine Dining brands, but it does affect all of our brands.”
The multi-brand restaurant operator owns Olive Garden, LongHorn Steakhouse, The Capital Grille, and five other brands with more than 1,900 locations nationwide.
Cardenas offered more clues about waning consumer spending habits at restaurant locations: MORE
That’s because $125,000 is the new Poverty Level, thanks to Bidenomics!
I’m not trying to flaunt my wealth, but I do enjoy a plate full of chicken backs once in a while.
Who can afford to eat out as much as they did 2-3 years ago?
That CEO took a lot of words to say the Obiden regime, liberals and uniparty policies are causing people to go broke and we’re all losing money and business.
Thank you, Beachmom. Exactly!
And their pockets are filled with graft until the bitter end.
Our local Mexican Restaurant offers the same skirt steak and/or carnitas at a much less per couple price and we don’t order alcohol there. Dining down doesn’t mean accepting less value it just means you ain’t taking left overs home in a bag with a logo it.
When Mexican food for two comes to $50 and used to be $50 including a very nice tip, it happens very infrequently. Even more expensive…forget it.
I’m not poor but I obviously run in a different circle than those people who spend $80 on steak and $25 on a martini.
We go to a very nice family restaurant once a month or so. They have a multitude of good choices, in particular excellent perch, but you also get a nice quiet atmosphere and a fresh linen tablecloth when they make up your table.
over the years we’ve tried the perch at other places and consider theirs the gold standard.
Don’t forget the road kill option. These days, you’ve got to stretch your food dollar any way you can.
The quality of service we get from national restaurant chains has been aggressively seeking its nadir since the White House became infested with Bidens.
Yeah, those places are not what I call “fine dining”. Anyway, I only eat at the local diner, where I’m known, and I know them. Too, I can watch the food being prepared. My days of ‘fine dining’ at big money restaurants have ended, as our society morphs from “high trust” to “low trust”.
They obvously have a different interpretation of “fine dining” to mine.
It isn’t fine dining if the middle class participates. It might be finer than they’re used to… Chipotle… but it isn’t fine if the price of the food makes some kind of sense. I had a gold wrapped steak a while ago that cost a grand by itself, the other courses were similarly veblen goods. My excuse for that is I was on vacation and wasn’t concerning myself with money at the time. The creamed spinach was the best I’ve ever had and I don’t expect ever to have better.
I don’t about you all, but I delight in spending Social Security money at fine restaurants. Nothing has changed lately.
As my Mom use to say, “Eating is good.” God rest her
indefatigable soul.
The Suggested Tip on the Payment Terminal of 18%, 20%, 25%, 30% really pushed me over the edge.
I hope sports is next to suffer. $19.00 for 1 Tall boy beer at a Blue Jays Game + suggested Tips.
GFYS!
Anyone who believes The Olive Garden is “fine dining” needs to get out more.