Consumers have more choices, Starbucks CEO commented on sauce flavored lattes: Competition can expand the market
As of now, Starbucks has exceeded 6500 stores in China and is expanding at an average rate of less than 9 hours per new store. Starbucks Global CEO Nasihan told CCTV Finance reporters that behind this, Starbucks sees the infinite potential of the Chinese consumer market. According to relevant data, there are over 200000 coffee related enterprises in China; In 2022, 35700 new businesses were added, a year-on-year increase of 38.06%.
Faced with vast growth opportunities, the competition in the current domestic coffee market is becoming increasingly fierce. In order to attract more consumers, many local coffee brands are constantly seeking innovation and change. When it comes to the recent hot "sauce flavored latte," Nashan said, "Starbucks also has drinks that blend coffee and wine. Competition can expand the market. As the market grows, consumers will have more choices.".