For many Americans, cutting back on dining out is one of the first signs of financial pressure—especially among lower- and middle-income households. And when they do choose to eat out or order in, they're shifting to lower-cost options.

That change is showing up in restaurant sales. Between January and March, Americans ate one billion fewer restaurant meals than during the same period last year, according to market research firm Circana.

So-called "fast casual" chains like Cava, Sweetgreen, Panera Bread and Shake Shack—viewed by many as too expensive for everyday dining—are the first to send the distress warning. Cava, which posted double-digit same-store sales growth in the first quarter, slowed to just 2.1 percent in the second. Sweetgreen reported a 7.2 percent sales decline in Q2, wh

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