- Starbucks is set to lower the prices of some iced drinks in China by an average of 5 yuan (51p), starting Tuesday.
- The company aims to offer more accessible prices on dozens of drinks, including non-coffee options and frappuccinos, with some drinks priced as low as 23 yuan (£2.36).
- This move comes as Starbucks faces intensifying competition and increased consumer caution in China, its second-largest market.
- Domestic rivals like Luckin Coffee and Cotti have priced drinks as low as 9.9 yuan (£1) or even 8.8 yuan (90p).
- According to a source close to Starbucks, the company is not reducing prices due to competition but to attract more afternoon customers.
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