Starbucks’ pumpkin spiced latte was the starting point of something very simple to boost the economy and sales throughout November.
Recent data from NPD has shown that the average check for a pumpkin spice latte in the fall and winter in 2014 was an average of $7.81. The average check from non-pumpkin spice latte buyers was $6.67.
As of now the pumpkin spice theme has expanded and is marketed throughout countless companies, cafés, restaurant, coffee shops and the list continues.
Since launching the pumpkin spiced drink in 2003, Starbucks has sold more than 200 million cups of the seasonal latte over the past 12 years. The limited edition hot drink will be increasing Starbucks’ revenue by $100 million within the year, Forbes estimated.
Data from Nielsen also states the popularity of the humble pumpkin. Since 2011, the sales of pumpkin-spiced foods are up 80%, making the total more than $360 million in 2015. Also items such as pumpkin spiced yogurt are up more than a whopping 320% on an annual basis. Also pumpkin cereal has reached a new high, increasing sales with 180%.
Mintel Menu Insights has also been investigating the pumpkin obsession. On restaurant menus, the occurrences of pumpkin spiced foods are up 21% in just three years since 2012. Over half of these foods are baked goods.
Beer, dips and dressings are also on the popular list when it comes to adding some pumpkin. Market research firm IRI has released data saying crafted beers with pumpkin added is holding up to 25% of the around $20 billion craft beer market.
Major companies such as McDonald’s, Peets and Dunkin’ Donuts are also responsible for the economic boost. The restaurants, accompanied by many more, have welcomed and adopted the pumpkin spice-trend, adding to the sales of the flavor.
The limited edition Pumpkin Spice Latte is available at Starbucks worldwide from around Labor Day, welcoming fall.
Image via Flickr/liz west, resized
