The CEO of the parent company that owns the two restaurant chains said it is seeing an increase in customers making higher salaries.
As consumers tighten their wallets amid increasing inflation rates, a surprising find by the parent company of two popular affordably-priced restaurant chains in the U.S. has revealed that wallets for those making even more money might be tightening as well.
While it's unclear how Dine Brands CEO John Peyton got that data when he presented it recently, he suggested that the jump in sales is because"guests that often dine at more expensive restaurants are finding Applebee's and IHOP because of their well-known value position," he said.
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