Starbucks is set to cash in on millennials' preference for purchasing and drinking coffee away from home.
Although millennials are less likely to drink coffee than their parents, they are more likely to drink it outside of their homes. According to a recent Yahoo Finance article and Alliance Bernstein study, just under half of young adults surveyed drank coffee in the last day with a large proportion of them buying it from a coffee shop rather than making it at home.
"Our analysis suggests that away-from-home (AFH) coffee consumption is growing faster than the broader restaurant industry, driven by demographic shifts in the coffee-drinking population," said analyst Sara Senatore.
Since Starbucks is such a big player in the industry, the company has a lot to gain from this trend. Starbucks accounts for 32 percent of the away-from-home coffee market share, with Dunkin Donuts and McDonald’s both ready to target the trend seen in millennials.
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