The Starbucks economy
When Americans start cutting back on their coffee consumption, it's time to start worrying
April 9, 2008 2:10AM (UTC)
Forget about the millions of foreclosures, rising unemployment, gas and food price inflation -- you want to know how to tell the economy is really tanking?
Americans are cutting back on their morning lattes at Starbucks.
This tidbit comes to us from Time Magazine's Justin Fox, who writes in his "Curious Capitalist blog " that during a visit to Time's corporate offices on Monday, Starbucks CEO Howard Schultz said "For the first time in our history as a company, we have negative traffic this year vs. last."