4.1 C
London
Sunday, February 5, 2023

Starbucks Pumpkin Drinks Smash Company Records

Must read

School food vendor apologizes for ‘unforgivable’ Black History Month menu, and it’s not the first time

A vendor that supplies meals to schools apologized for an "accidental insensitivity" Black History Month menu, echoing similar apologies it has made for more...

Elon Musk says Twitter will offer a free write-only API to bots that deliver ‘good’ content londonbusinessblog.com

Last week, Twitter said it will stop providing free access to its APIs starting February 9. Now days before the deadline, Elon Musk...

Laoshi’s $570,000 Card Game • londonbusinessblog.com

Most of the pitch deck teardowns to date (here's a handy list of the 30+ we've published so far) have been for institutional funding...

Malcolm Nance- Wiki, age, height, net worth, wife, ethnicity

Malcolm Nancy is the Chief Counter-Terrorism Analyst for MSNBC in the United States. Malcolm Nance is a citizen of Columbia County and a...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Pumpkin spice season is upon us — and it seems even the doubters are collapsing.


Christina Tkacik/Baltimore Sun/Tribune News Service via Getty Images

Christina Tkacik/Baltimore Sun/Tribune News Service via Getty Images

New data shows that two of the largest coffee chains in the country, Starbucks and Dunkin Donuts, are seeing huge increases in both sales and foot traffic — and it’s directly correlated with the start of the pumpkin spice season.

Starbucks dropped its fall drink menu in the US on August 30, which includes cult-favorite Pumpkin Spice Latte. Rolling out, the once struggling chain saw its best week in sales – ever – in more than five decades.

According to RestaurantsStarbucks interim and former active CEO Howard Schultz told investors that the company’s “highest record sales week” was the same week its pumpkin drinks rolled out.

Schultz has not yet indicated which number it was about at the time.

In addition, foot traffic increased an estimated 25.7% in a one-year period, an impressive feat given that Starbucks has doubled its investment in drive-thru and delivery initiatives to keep up with consumer demand.

The PSL, which has been in existence since 2003, increased in price this year by about 4%, which makes the demand for the product even more shocking as devoted fans don’t shy away from their love for pumpkin.

Starbucks also introduced the Pumpkin Cream Cold Brew alongside the PSL in 2019, the same year the company estimated that to date, more than 424 million PSLs have been sold in the US.

Rival chain Dunkin Donuts also saw a 9.5% increase in foot traffic the same week it debuted its fall 2022 offering on Aug. 17, which includes its own version of a PSL, Pumpkin Cream Cold Brew, and a new Nutty Pumpkin Coffee.

Whether you’re a coffee fan or not, the pumpkin-flavored trend doesn’t seem to be going away anytime soon, with merchants selling everything from pumpkin-flavored pasta sauce to Cheerios and even beer.

Most recent data from 2019 shows that that year, the pumpkin spice industry took in $511 million, and it’s estimated to have only grown since then.

Starbucks was down just over 19% yoy as of Wednesday afternoon.


More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

School food vendor apologizes for ‘unforgivable’ Black History Month menu, and it’s not the first time

A vendor that supplies meals to schools apologized for an "accidental insensitivity" Black History Month menu, echoing similar apologies it has made for more...

Elon Musk says Twitter will offer a free write-only API to bots that deliver ‘good’ content londonbusinessblog.com

Last week, Twitter said it will stop providing free access to its APIs starting February 9. Now days before the deadline, Elon Musk...

Laoshi’s $570,000 Card Game • londonbusinessblog.com

Most of the pitch deck teardowns to date (here's a handy list of the 30+ we've published so far) have been for institutional funding...

Malcolm Nance- Wiki, age, height, net worth, wife, ethnicity

Malcolm Nancy is the Chief Counter-Terrorism Analyst for MSNBC in the United States. Malcolm Nance is a citizen of Columbia County and a...

Apple could introduce a more expensive iPhone ‘Ultra’ in 2024

Apple is exploring the possibility of launching a more expensive iPhone "Ultra" over the iPhone Pro and Pro Max models, according to Apple tracker...