A Cup O’ Joe Will Cost You More Dough! Starbucks Hikes Its Prices
Starbucks lovers will have to shell out more cash as the popular coffee hot spot is charging 5 to 20 cents more for a good ol’ cup of joe — especially if you order a tall or a venti cup, according to USA Today.
A large coffee at Starbucks will now cost you $2.45 in most U.S. stores, which could be the tipping point on some customers’ pockets.
“While 20 cents might not seem that significant, if you buy a Starbucks coffee every single day of the year, you’ll end up spending $73 more on coffee this year,” Refinery29 said.
Despite the backlash from the public, this marks the third year in a row that Starbucks has hiked its prices. In June 2014, Starbucks jacked up the price tag due to the rising costs of raw coffee. But Arabica coffee bean prices have decreased by 27 percent since then, so what’s Starbucks’ excuse now? According to USA Today, the Seattle-based company is combating rent, marketing, and labor costs.
“We continually evaluate pricing on a product-by-product and market-by-market basis in our stores in order to balance the need to run our business profitably while continuing to provide value to our loyal customers and to attract new customers,” Starbucks said in an emailed statement, Business Pundit reported.
But for Starbucks lovers who dodge caffeine and head straight for the munchies, you’re in the clear. Costs for sandwiches and pastries, which Starbucks is increasingly pushing to drive revenue growth, will remain unchanged.
Prices for Frappuccinos and grande brewed coffee will also remain unaltered.
But of course, the social media world has a lot to say about Starbucks’ price hikes — and they’re not happy.
“Starbucks in April reported $4.6 billion in second-quarter revenue, an 18 percent increase from the previous year’s quarter,” MoneyNewsTalks said.