Starbucks Was Worth $150 Billion
Starbucks went from having 165 stores in 1992 to being worth $150 billion at its peak.
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However, Starbucks had a disappointing first quarter in 2024, with a global revenue of $8.56 billion.
The Number of Starbucks’ American Customers Has Fallen
In 2024, Starbucks noticed a fall in the number of American customers walking through its doors and buying a coffee.
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So much so that the number of American customers was lower than during the COVID-19 pandemic, and the number of transactions was worse than during the global financial crisis.
Starbucks Customers Hate Waiting Times
One of Starbucks’ biggest downfalls has been its waiting times and lack of availability of various products.
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This appears to be one thing American customers want to see improved at coffee stores. They might not step foot inside a Starbucks until they see these improvements.
Starbucks Is Committed to Opening More Stores in China
With the number of American Starbucks customers decreasing, Starbucks has decided to focus its efforts on its Chinese customers.
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So much so that they are committed to opening 9000 Starbucks stores in China by 2025.
China Has More Coffee Drinkers Than the U.S.
In a rather surprising turn of events, China now has a higher number of coffee drinkers than the U.S.
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In 2023, the number of coffee shops in China rose by 58% to meet the demand of Chinese coffee drinkers. This included both Starbucks and other coffee shops.
Starbucks Sales in China Were Down
What hasn’t helped Starbucks is that despite trying to make waves (or coffee, in this case) in China, their plan might not be working.
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Starbucks’ sales in China are also down, with bosses constantly trying to develop new methods to get these sales up.
Starbucks’ Pork Flavored Coffee
To try to get more customers in China through their doors, Starbucks has come up with an entirely new coffee flavor: Pork.
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The pork-flavored drink is known as the ‘Abundant Year Savory Latte’ and combines Dongpo braised pork flavored sauce with espresso and steamed milk, with extra pork sauce and pork breast meat as a garnish.
Starbucks Engages With Social Media Users
To try and reach out to all its customers worldwide, including Americans, Starbucks uses social media to engage with users and encourage them to go to their stores.
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They encourage social media users to use the hashtag “#LoveStarbucks” and will share these to their social media channels. They also post enticing content of their own drinks and food items available at Starbucks to encourage social media users to go to their stores and buy something.
Starbucks’ New Summer Menu
As summer approaches, Starbucks is planning on unleashing a new summer menu on May 7 in the hope of bringing in new and old customers.
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Starbucks’ summer menu includes berry refreshers, cold brews, a pineapple cloud cake and an orange cream cake pop.
Starbucks New Menu Hasn’t Convinced Some Customers
Despite some people being excited by Starbucks’s new summer menu items, others aren’t quite as convinced.
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Some fans on social media said that they would rather see other items, such as the spicy refreshers that are only limited edition, kept on the menu for the summer instead.
Starbucks Will Not Lower Its Prices
One of the main reasons for the lack of footfall in Starbucks stores is due to its high prices.
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However, despite this decrease in customers, Starbucks is still refusing to lower its prices to encourage more Americans to walk back into their nearest Starbucks and grab a cup of coffee.