星巴克抢占下午茶市场，“非咖”产品平均降价5元左右

Core Insights - Starbucks China is focusing on the non-coffee beverage market, aiming to create an all-day service scenario with the concept of "morning coffee, afternoon non-coffee" [1] - The company plans to launch a new summer pricing strategy for its three main product lines—Frappuccino, Iced Tea, and Tea Latte—starting June 10, with an average price reduction of around 5 yuan for large cups, bringing the minimum price to 23 yuan [1] - The competitive landscape in the Chinese coffee market is intensifying, with the total number of coffee shops expected to exceed 200,000 by 2024, despite a net increase of only 17,000 stores due to closures [1][2] Market Dynamics - The coffee penetration rate in China is high, limiting growth potential, while the tea beverage market is rapidly expanding with numerous brands gaining market share [2] - Starbucks aims to tap into the consumption potential of its existing audience in the tea and non-coffee beverage sectors through product line innovation [2] - The three main product lines in the non-coffee category have shown strong growth potential, with Frappuccino being a popular summer choice and Iced Tea sales increasing significantly over the past three years [2] Afternoon Tea Segment - The afternoon tea consumption period has become a competitive market for many brands, and Starbucks is innovating and adjusting prices to attract more customers during this time [5] - Recently, Starbucks collaborated with Disney to launch three new co-branded Iced Teas, enhancing consumer interest and driving foot traffic during the afternoon tea hours [5] - As of 2024, Starbucks China has nearly 140 million total members, providing a substantial potential customer base for expanding afternoon tea consumption [5] Financial Performance - For fiscal year 2024, Starbucks China reported a net revenue of $2.958 billion, with fourth-quarter net revenue of $783.7 million, reflecting a quarter-over-quarter growth of 6% [5] - However, same-store sales decreased by 14%, with average prices down by 8% and comparable transaction volume declining by 6% [5] - In the first quarter of fiscal year 2025, revenue in China reached $744 million, a year-over-year increase of 1%, but same-store sales still fell by 6% [5]