McDonald’s and Chipotle say customers are trading down, visiting less often as inflation hits budgets

McDonald’s and Chipotle Mexican Grill say customers squeezed by inflation are choosing cheaper menu items and visiting their restaurants less often, signaling trends that could be hitting the broader restaurant industry.

The two companies were among the first restaurant chains to report their second-quarter results. Wingstop, Starbucks and Taco Bell owner Yum Brands are all scheduled to release their earnings reports within the next week.