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Starbucks’ YoY sales growth decelerated 7.8 points from October’s 11.1% to December’s 3.3%, as indicated by Earnest credit card data.
The deceleration was driven by a combination of slowing transaction and average ticket growth. YoY transaction growth decelerated 4.3% from October to December 2023; average ticket growth slowed 3.1% over the same period.
Starbucks customers’ wallet share slightly down YoY
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Starbucks customers’ share of spend at the Seattle coffee chain was flat to slightly down on a YoY basis in November and December of 2023 when compared to their share of spend at Dunkin’ and Dutch Bros. However, the same months saw an increase in YoY share in both 2022 and 2021.
Notably, Dutch Bros. almost doubled its share of Starbucks customers’ wallets, accounting for 6.0% in December 2023, up from 4.0% in December 2020.
The slowdown in sales comes amid boycotts against Starbucks that emerged following the company’s disputes with workers’ unions around Starbucks’ annual Red Cup Day, as well as conflicts in the Middle East.
