"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."
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.
Read at Business Insider
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