Inflation is squeezing some coffee chains as foot traffic dipped last month for a few of the major players in the sector.
Starbucks stumbled in April, according to data from Placer.ai, with visits down 1.9% for the week ending April 11 compared to the same week in 2019. Dunkin' also had a similar fate, with visits down 1.8% in the same period.
But those numbers need to be properly contextualized, cautions Placer.ai's Shira Petrack: "Pulling in foot traffic within a percentage point or two of pre-pandemic performance is quite a feat in the current economic climate," she writes in a new analysis of the April data. "Due to the high inflation rates and rising gas prices, many consumers are now spending more on essentials, which means that their budget is tighter—even if their spending habits have not changed."
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