Skanda Amarnath

Restaurants have not been as great.

I think restaurants are also facing a big food squeeze.

So everything, your costs on the food side have gone up, especially for Shake Shack.

So in that sense, you also get the rotation there, too.

If you're not going to spend as much at the grocery store, you're not going to spend as much in types of food services experiences.

But you might spend it on other kinds of recreation services.

You might spend it on accommodations, resorts.

And I do think we'll see that story play out as well.

I think it's probably two things I can think of.

One is the labor market has been underperforming.

So when we say like, hey, given like what we're seeing in the labor market being so sluggish, the consumer looks pretty good.

And given these facts like, oh, okay, well, it's happening despite the labor market not being as good.

This is quite impressive.

But the labor market is sluggish in a lot of ways.

Benchmark to what we saw in the 2010s even.

This is slower than that.

And yet, we're also seeing the structural trend, a lot of this is also by the tax system.

The tax code has sort of created a lot of biases in a way that makes it just, you're going to be more inclined to try and stay at the margin, steer away from W-2 income.

towards either trying to own your own business.

There's obviously a lot of stuff with capital versus labor.