Richer people are eating more at Applebee's and IHOP
CNN
Cash-strapped consumers are starting to trade down, swapping higher-priced goods for more affordable alternatives. That's good news for Applebee's and IHOP.
In the three months ending June 30, sales at the two chains, which are both owned by Dine Brands, grew about 6% to 8% among households earning over $75,000 per year, according to Dine (DIN) CEO John Peyton.
The bump "suggests to us that guests that often dine at more expensive restaurants are finding Applebee's and IHOP because of their well-known value position," Peyton said during a Tuesday analyst call discussing the company's quarterly results. The phenomenon is "why we perform well during tough times like this," he said, adding that the brands had relatively good results during the 2008 financial crisis.
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