According to the Financial Times (see figures 1-2) the premium coffee industry is growing as 'consumers seek better tasting coffee as well as a “connection” with the plantations behind the beans.' Coffee drinkers are becoming more concerned with the origins of coffee such as the growth of the beans and the roasting process than ever before, meaning premium beans from Latin America and Africa can be sold at a higher price.
'Last December, Café Imports, a Minneapolis-based premium coffee importer which supplies high end roasters in North America and Europe, paid as much as $2.50 a pound for high quality coffee produced by growers in the highlands of Cauca in southwest Colombia.' (Financial Times (2017). Coffee connoisseurs boost high-end market. [online] Available at: https://www.ft.com/content/1339094a-8e3d-11e3-98c6-00144feab7de [Accessed 27 Dec. 2017].)
Consumers are also becoming more and more concerned with the social impact of the coffee such as if beans are ethical sourced and grown. Furthermore research suggests despite the strong cafe culture in the uk more consumers prefer drinking coffee at home as according to Mintel 'half (51%) of coffee drinkers prefer to drink hot drinks at home rather than out-of-home, including 55% of men and 47% of women' (see figure 3).
Reflection:
As both men and women seem to equally enjoy at home coffee the luxury brand must be gender neutral attracting both men and women based on the quality of the coffee. This research has highlighted the importance of the ethical issues associated with coffee such as the ability to recycle waste and eco-friendly packaging. Furthermore due to the established nature of the at home drinks market more research into competition will need to be conducted too identify what consumers find most attractive.
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| Figure 1 |
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| Figure 2 |
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| Figure 3 |
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