Retailers Get a Coffee Buzz
Despite the marketing push behind lattes, cappuccinos and other blended and frozen drinks, 14% of respondents said they were buying more hot coffee than they did two years ago. That's significant, considering that the average price of a cup of coffee climbed from $2.25 in 2008 to $2.36 in 2010. It's not getting cheaper in 2011 either, with wholesale prices nearly doubling in the past year. See a recent DailyFinance breakdown of the best brews for the buck among the fast-food coffee chains.
Meanwhile, the price of a cup of tea -- or a glass of iced tea -- rose from $2.40 in 2008 to $2.57 in 2010, according to the research. Green tea, known for its antioxidant health benefits, was the fastest-growing type of tea. It's "of interest" to 73% of consumers, Technomic says.
Overall, retailers experienced a modest 15.9% increase in coffee sales from 2007 to 2010, partly due to rising coffee costs. But big-box stores and other mass merchandisers saw a whopping 53.1% spike in coffee revenues during the same period.