Chipotle has a Gen Z and millennial problem. Boatwright said in a Wednesday earnings call that customers who make less than $100,000, a core audience accounting for 40% of Chipotle's sales, have pulled back their spending. He said that customers in the 25- to 35-year-old age group were "particularly challenged," a trend he said was not unique to Chipotle. This cohort, which includes older Gen Zers and younger millennials, makes up about 25% of the chain's total sales, per Boatwright. "This group is facing several headwinds, including unemployment, increased student loan repayment, and slower real wage growth," the executive said. "We're not losing them to the competition. We're losing them to grocery and food at home," Boatwright said. He said they were not avoiding Chipotle entirely, just coming by less frequently. Read more about why Chipotle is losing Gen Z and millennial customers at the link in our bio. Story by Aditi Bharade and Katherine Tangalakis-Lippert (Credit: Getty ...