Even the Federal Reserve knows Chipotle is crushing McDonald’s.
On Wednesday, the Fed released its latest Beige Book report, a collection of anecdotal economic observations gathered by Fed officials in each of the central bank’s 12 regional districts.
In the San Francisco district, Fed officials noted that “Restaurant sales climbed, especially in the quick-service segment. Consumers shifted away from hamburgers, towards chicken, pizza, and Mexican food.”
And Business Insider’s Ashley Lutz reported that in a recent call with investors, McDonald’s CEO Don Thompson noted the shift in consumer attitudes that have plagued the fast food giant, and almost exactly described what it’s like to eat at Chipotle.
“Customers want to personalise their meals with locally relevant ingredients,” Thompson said. “They also want to enjoy eating in a contemporary inviting atmosphere. And they want choices; choices in how they order, choices in what they order and how they’re served.”
There are more than 600,000 ways to order food at Chipotle.
In the Beige Book, Fed officials also noted that in the San Francisco district, “Demand for business and consumer services grew moderately during the reporting period.”
So consumers want to spend their money.
It just looks like that money is flowing away from traditional fast-food options like McDonald’s and towards restaurants like Chipotle.
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