“Net-net, what we saw in 2008, 2009 and what we expect is going to continue is that we're going to be a net beneficiary on all of that.”

In context

“shed up the conversation essentially just having about cohorts. Can you do that a little bit by income? So let's say, the lower income you said a few times now is coming a little bit less. How much less does that matter? So by cohort of income, who comes the most or spends the most, such that we can't really understand when you're saying they come less. Like what is the impact of that, if that makes sense? Chris Kempczinski: Yes. I know the question. I don't have the degree of precision on the data that I think you're looking for. But I would say, generally, what we know is -- happening is that there is challenge on the lower income, but that we are getting trade down out of things like full-service restaurants, getting trade down at a fast casual that's helping offset any of that impact. Net-net, what we saw in 2008, 2009 and what we expect is going to continue is that we're going to be a net beneficiary on all of that. That's our planning expectation is that while there is going to be some shifting within the cohort or you describe it, net-net, our value positioning, our value scores, we expect to be a winner out of all of that. Mike Cieplak: Okay. Thank you, Chris. Thank you, Kevin. Thanks, everyone, for joining. Have a great day. Operator: This concludes McDonald's Corporation's Investor Call. You may now disconnect.”