In 2016, Starbucks raised its prices not once, but twice! Of course, they took
grief for it from some customers. Others were quick to point out
that with everything you get from a visit to Starbucks and what
they deem the "largest co-working space" in the U.S., it
is not that bad of a deal. While another Twitter user pointed out
that they are offering value, not cheap coffee.
When asked about their increase in prices, Starbucks told CNBC
that the average customer's receipt will only increase
by 0.5%. They further explained that they needed to balance
their business needs while still offering value to their customers.
What they did not do, was apologize for it!
Price hikes are always a delicate business decision to make. You
do not want to raise your prices too high and scare your consumers
or clients off, but you want to, as Starbucks puts it, address your
business needs. Your loyal customers will understand if they value
your product.
