Starbucks is targeting budget-conscious consumers in China by lowering prices on over 20 drinks, including Frappuccinos and iced teas, with prices starting at about $3.20. This strategic move aligns with efforts to compete with local competitors like Luckin Coffee, which provides aggressive discounts. The promotion, announced via Weibo, lowers prices by an average of 5 yuan and reflects Starbucks' goal of making non-coffee beverages more accessible amidst weakened consumer confidence in China. The price adjustment follows a successful trend among Western brands, noted with Pizza Hut's recent significant sales increase due to similar strategies.
Starbucks announced reduced prices on over 20 drink options this summer, aiming to attract budget-conscious customers by offering drinks starting at $3.20.
The price cut aims to make Starbucks more accessible amid stiff competition from local rivals, particularly Luckin Coffee, which consistently offers aggressive discounts.
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