It appears that inflation has finally hit the wealthy. A New York Post report found that rich people are feeling the pinch as they seek a spot to dine out.
Applebee’s and IHOP claim "richer" people are "trading down," to enjoy the chain’s well-known burgers and pancakes.
"Guests that often dine at more expensive restaurants are finding Applebee’s and IHOP because of their well-known value position," parent company Dine Brands chief executive John Peyton told the Post. "We perform well during tough times like this."
While this call screams "rich people, they’re just like us," Dine Brands considers their wealthier customers to be those whose income is greater than $75,000.
However, Peyton noted that people making $50,000 or less will seek out cheaper alternatives despite the well-known two-for-one deals that places like Applebee’s offer.
"We assume that they’ve left us for lower-cost options," Peyton said.
While record-breaking inflation is hitting nearly every American hard, the two fast-casual chains have responded with a variety of promotions to lure in customers despite the economic forecast.
But overall, prices at the chains have increased between 7% and 10%, the Post reported.