Richer people eating more at Applebee’s, IHOP, more affordable places

A view of the Applebee’s Bar + Grill restaurant at 7345 E. Washington St., Indianapolis, in June 2019. (Provided Photo/Google Street View) by: Danielle Wiener-Bronner, CNN Business Posted: Aug 9, 2022 / 04:52 PM EST / Updated: Aug 9, 2022 / 04:52 PM EST (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 Chief Executive Officer John Peyton.