According to new data from foot traffic analytics platform Placer.ai, coffee visits at big coffee chains like Dunkin’ and Starbucks (SBUX) dropped below traffic for quick service restaurants for the first time all year during June.
The drop in June is quite a turnaround. Over the past two years as the pandemic hammered fast food and dine-in restaurants coffee chains kept up their customer visits, outpacing quick-service chains every month between July 2020 and May 2022 when comparing foot traffic to a January 2020 baseline, according to Yahoo Finance.
Even though Starbucks increased prices three times since October and Dunkin’ increased its prices by 8%.
In June Starbucks and Dunkin’ saw a year-over-year drop in monthly visits of 7.8% and 4.1%, respectively.
