Millions of people drink coffee every day, making it one of the most consumed beverages in the world. But what qualities do consumers seek in coffee? Coffee tastes can be influenced by a wide range of elements, including flavor, quality, price, and convenience.
When it comes to coffee, taste is arguably the most significant element for customers. Everyone has different tastes, so some individuals could enjoy a potent, robust cup of coffee while others would prefer one with a softer, sweeter flavor. Customers want to know that they are purchasing a high-quality item that was manufactured with care and attention to detail, thus quality is also vital. Customers also take into account the cost when purchasing coffee. For a cup of high-quality coffee, some people might be willing to pay more than others, while others could be more concerned with getting a fair value. Customers want to be able to readily access their preferred coffee wherever they are, thus convenience is also vital.
So who is the intended consumer of coffee? People of different ages, socioeconomic backgrounds, and lifestyles are included in the large and diverse target market for coffee. However, some demographic groups, such as young adults, professionals, and people who lead busy, on-the-go lifestyles, may be more prone to regularly consume coffee.
Differentiation, cost leadership, and focus are the three key target market tactics that coffee firms can employ to reach their target market. Offering distinctive goods or services that distinguish a business from rivals is a key component of differentiation. Offering goods or services at a lower cost than rivals is known as cost leadership. Focus means focusing on a particular market niche or demographic, such as coffee drinkers who are health-conscious or who like organic coffee. Who is Starbucks’ intended market for 2021, then? Despite having a wide range of customers, Starbucks places the majority of its attention on young adults and professionals who appreciate quality, convenience, and experience. Starbucks’ reputation for providing distinctive, welcoming environments that entice people to unwind and savor their coffee.
What is the size of the coffee shop market? The market size for coffee shops worldwide was estimated at $201.56 billion in 2019 and is anticipated to increase to $237.60 billion by 2027, rising at a CAGR of 2.8% from 2020 to 2027. Increased urbanization, rising disposable incomes, and shifting consumer preferences for coffee and other speciality beverages are some of the factors contributing to this growth.
In conclusion, customers consider a range of aspects, including taste, quality, affordability, and convenience, when it comes to coffee. Coffee has a wide and diverse target market, and coffee businesses can employ a variety of tactics to get in front of that market. In 2021, young adults and professionals who value quality and experience will make up the majority of Starbucks’ target market. Finally, changing customer preferences and other market factors are likely to fuel the worldwide coffee shop market’s expansion over the next several years.
The size of the global coffee shop market was estimated at $201.8 billion in 2019 and is projected to reach $237.6 billion by 2027, rising at a CAGR of 2.3% over the forecast period, according to a report by ResearchAndMarkets.com.
You must take into account the traits and preferences of the clients who are most likely to be interested in your product or service when writing your target market. Your target market for a coffee shop can include coffee drinkers, people who value high-quality, ethically sourced coffee, people who enjoy specialized or gourmet coffee, or people who value convenience and quickness over all else when consuming coffee. To pinpoint your target market and modify your marketing techniques to suit their unique requirements and preferences, employ market research and data analysis.