Reported 1 day ago
Starbucks has announced a price reduction averaging 5 yuan ($0.70) for its tea-based drinks in China, its second-largest market. The initiative aims to attract customers amidst fierce competition and a challenging consumer environment. The price cut, which will lower the cost of frappuccinos, iced teas, and tea lattes, aligns with growing demand for non-coffee options, especially in the summer. This strategic shift reflects the company's response to local competitors and China's ongoing deflation in consumer prices.
Source: YAHOO