Applebee’s Owner Sees Diners Trading Down as Economic Anxiety Grows

Applebee's owner Dine Brands Global said consumer anxiety has grown, leading diners to be choosier with their spending.

Guests are increasingly trading down to lower-priced menu items, while price-sensitive consumers -- including lower-income patrons and Gen Zers -- are dining out less, Chief Executive John Peyton said.

"All of our guests are hyper focused on value," he said on a call with analysts Wednesday. "Every dollar spent must feel justified across the entire dining experience."

Dine Brands, which also owns IHOP, said sales...

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