Five Guys is losing its most important customers
Analysts asked millennials which restaurants they were most likely to visit in the next six months, and Five Guys was a clear loser across all generations.
Other burger chains such as Habit Burger and Shake Shack fared much better.
Millennials cited concerns about cost and nutrition as reasons why they were planning to eat less often at certain restaurants, according to the report.
Some customers have complained on social media that Five Guys is too expensive.
"I cant afford to eat there anymore," Wil Massey wrote on the company's Facebook page.
Others have criticized the chain for using too much oil on its french fries.
"None of this food is good in any way, shape or form," one customer wrote on Yelp. "It's a passable burger but the meat is never cooked the way you want it. The fries are ... oily, wilted, and all other adjectives you wouldn't want your fries described as. At least they aren't frozen."
The top qualities that millennials look for in a restaurant include "great-tasting food," good value, "high-quality food," and "fresh food," as indicated in the chart below from Morgan Stanley.
More than 20% of respondents said they have visited Five Guys in the past three months.
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