Consumer
Richer Americans Are Turning to IHOP, Applebee’s for Cheap Eats
- More customers coming from $100,000 households, Dine CEO says
- Restaurants are racing to create new low-cost menu items
An IHOP restaurant in Chicago, Illinois.
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Wealthier Americans are visiting IHOP and Applebee’s more often, and they’re looking for deals on their pancakes and wings.
Dine Brands Global Inc., the two chains’ parent company, has experienced a drop in visits from lower-income customers in recent quarters. At the same time, it’s attracting more guests from households that make $100,000 and up, Chief Executive Officer John Peyton said in an interview Wednesday.