Starbucks Raises its Prices for the Second Time in 2016
If you can’t start your morning with that iced coffee, your wallet is about to get a little bit lighter…
What some are speculating as a response to the recent election results this November, Starbucks spokeswoman announced that their stores will be raising their prices on a few select cold brews, drinks, and baked goodies. Prices will rise between 10 and 30 cents, which won’t break the bank, though customers are taking to twitter in protest to the hikes. Despite what some people on Twitter are calling a ‘grubby cash-grab’, the prices of a few of these drinks haven’t risen in the past two years. This should be expected as ingredients and operational costs rise, in addition to that pesky thing called inflation. So protest all you’d like, but your average receipt from your morning coffee is only about 0.5% higher—that’s not too bad at all.
Though this isn’t the first price hike we’ve seen from Starbucks this year. Earlier in July, the café titan announced that it would raise the prices of their drinks between 5 and 20 cents in response to increased coffee bean prices and raises for their employees. And it doesn’t seem like these price hikes are actually stopping people from grabbing their morning lattes; the chain continues to see growth in profits across the board, with their stock (SBUX) continuing to steadily rise—even after the price-hike sparking ‘outrage’ among their customers. People need their coffee after all, and Starbucks is predicting results for 2017.
Chances are, a mere 30 cents increase won’t stop you from going to their stores if you’re already a frequent customer (let’s face it, you can probably afford it). But if enough is enough and you’re done spending your hard-earned cash on a drink, you could save over $500 a year by brewing your own coffee at home or giving your business to the mom & pop coffee shops. But hey, it’s your money.