As we desperately cling to our last summer days, Starbucks just fired the fall starting gun.
Driving the news: The coffee chain’s iconic Pumpkin Spice Latte is back in stores today, the earliest debut in the drink’s 21-year history. Seasonal products, like the Pumpkin Cream Cold Brew and the Iced Pumpkin Cream Chai, drive about 10% of the company’s total sales.
Zoom out: Sales for all pumpkin spice products last year were up 42% from 2019, and more brands are getting in on the action this year. Tim Hortons, Krispy Kreme, and Dunkin’ Donuts will all launch their versions of pumpkin spice menu items in the coming weeks.
- In the U.S., Siggi’s is selling pumpkin spice yogurt, Cheerios and Frosted Flakes dropped pumpkin spice cereals, and 7-Eleven rolled out a pumpkin spice Slurpee.
Why it matters: Pumpkin spice products have created an industry worth US$800 million a year. It may not feel original, but brands are continuing to succeed in convincing consumers to pay a premium for these products — even before the leaves start changing colours.—LA