Premium coffee price hikes are spurring competition in New York City. Starbucks’ sales dropped 3 percent globally in the 12 months up to June of this year, according to CNN. Disappointing numbers were a factor in the firing of Starbucks’ CEO and are attributed, in part, to the rising cost of coffee beans. High costs have spread across the premium coffee industry, spurring competition that often means lower prices for customers.
NTD’s Chris Beers hit the streets of New York City for more on the price of coffee these days and New Yorkers’ response.