Last month, Starbucks increased the prices of some of its most popular hot beverages by a nickel to 20 cents in the United States.
While customers can expect to see a spike on the small and big sizes of their favorite brewed coffees, The Associated Press reports that the Seattle-based company will keep the prices of their most popular beverages like the Grande Brewed Coffee and members of the Frappucino family unchanged in most U.S. outlets. Attributing the spike to various factors like rent, labor, marketing and supply concerns, Starbucks Corp. believes the increased prices will affect fewer than 20 percent of its customers. However, that assessment is based on the current purchasing habits of consumers, which consists of cold drinks given the current summer weather. Lisa Passe, a representative for the company said the hike will not affect food or packaged coffee, and most likely take affect within that percentage once customers buy warmer drinks as the weather cools.
The higher price menu comes after U.S. roaster J.M Smucker Co. announced at the start of July that it would cut prices for most of its Folgers and Dunkin’ Donuts coffee brands in a plan to attract more customers.
With Starbucks being a prominent brand in the food industry and constantly widening their menus, this is a clearly story that resonates with all coffee lovers. Considering 54 percent of people drink coffee and an average of 32 million Americans visit Starbucks each month, this is significant news for avid fans of the company. Cue the groans and early-morning-coffee-rage!