Major Food Group CEO Mario Carbone on Shifting Youth Spending: Less Alcohol, More Experiences Driving Company Strategy

Major Food Group CEO Mario Carbone said younger consumers are spending less on alcohol but more on high-end dining experiences, a shift that aligns with the company’s strategy of treating restaurants as theatrical performances.

Speaking on CNBC’s “Mad Money” with Jim Cramer, Carbone noted that while younger diners are health-conscious and drinking less, they are willing to spend disproportionately on memorable outings such as travel and dining.

This behavioral shift has put pressure on alcohol stocks, with Constellation Brands, the brewer of Modelo, down 16.8% and Diageo, the distiller of Johnnie Walker, down 28.9% over the past year.

Carbone described consumer attitudes toward alcohol as cyclical, saying, “It’s a pendulum. It will swing back and forth,” but emphasized that the current trend is playing directly into Major Food Group’s approach.

The company, which operates Carbone, Torrisi, and Parm in New York, has built its brand around what Carbone calls “theatrical, experiential fine dining” — a model where restaurants function more like performances than meals.

Theater is the greatest comparison. At the same time every night the curtain goes up…we’re putting on this show, this performance, every night.

Mario Carbone, CEO of Major Food Group

At its flagship Carbone location in New York City’s West Village, servers prepare Caesar salads tableside, while other locations feature desserts flambéed in front of diners, reinforcing the experiential focus.

International Expansion and Product Diversification

Major Food Group is expanding internationally with planned openings in Mexico City, São Paulo, and Tokyo, aiming to leverage its experiential dining model in new markets.

The group is also pursuing a consumer-products push, which could add optionality to its business beyond restaurant operations.

Market Context and Investment Implications

Analysts suggest that the shift toward experiential dining could support higher average checks even as alcohol demand softens, potentially offsetting margin pressures from labor costs and inflation.

For investors, concept quality and execution have become key differentiators, with international expansion offering growth potential, though execution risk remains elevated in unfamiliar markets with varying labor costs and regulatory environments.

The reception of new openings in Mexico City, São Paulo, and Tokyo will be closely watched, along with any developments in the company’s consumer-products business and how it prices the theatrical dining experience.