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.
That's because, according to Dine Brands, sales during three months this year grew by some 6% to 8% for customers in households making more than $75,000 a year.
It's unclear how Dine Brands CEO John Peyton got that data when he presented it recently.
But he suggested the jump in sales was because "guests that often dine at more expensive restaurants are finding Applebee's and IHOP because of their well-known value position."
As CNN reported, Applebees and IHOP saw sales drop, with customers in households making under $50,000 per year.
Sales overall for both companies have seen slight increases for stores open at least a year.
Both restaurants have increased menu prices this year as the United States deals with staffing shortages in the industry coupled with increased inflation.
Peyton said, "at times like these when economics are tough for our guests, our brands have particular expertise."