Coffee chains are betting big on cold drinks as Gen Z turns its back on old-school coffees
More and more customers are shunning piping-hot cappuccinos in favor of fruity cold drinks and iced coffees at chains like Starbucks and Tim Hortons.Sales of cold espresso beverages were up 13% year-over-year in the quarter to July 2, and cold foam, which can only be added to chilled drinks, is the fastest-growing customization at Starbucks, CEO Laxman Narasimhan told investors last week.
"The team is making good progress with its efforts to become a bigger player in the high-growth cold beverage category and saw cold beverage sales grow 16.6% year-over-year," Restaurant Brands International CEO Josh Kobza said. In the first quarter of 2023, cold brew sales had doubled compared to the same period in 2022.
Kobza said that Tim Hortons' Canadian sales were boosted by the expansion of its range of cold, fruity Quenchers drinks, as well as innovation in specialty cold coffees. The chain, which focuses on doughnuts, coffee, and tea, has more than 5,600 locations globally. Tim Hortons' cold drinks menu looks remarkably like Starbucks' – especially in the US. Customers in the States can turn to Tim Hortons' for nitro cold brew, iced tea, iced caramel macchiatos, and a range of fruity Refresher drinks in place of the Quenchers. It even sells a
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