Coffee prices predicted to rise while millennials drink more

2 years 11 months 3 weeks ago Tuesday, November 22 2016 Nov 22, 2016 Tuesday, November 22, 2016 11:00:00 PM CST November 22, 2016 in News
By: Shanna Grove, KOMU 8 Reporter
loading

COLUMBIA - As more millennials are getting hooked on the hot stuff, prices in the coffee futures market are increasing.

Bloomberg cited research that found people from ages 19 to 34 are drinking more coffee.

Those people only account for around 20 percent of the U.S. population, but they consume 44 percent of coffee in the country.

Natalie Miller is 22 years old and drinks coffee about three times a week.

She believes her generation enjoys the atmosphere of coffee houses.

“I kind of feel like millennials are really pampered and that it’s kind of a place of comfort, and that like ‘oh I don’t just want to sit like at a desk and work. I want a like a nice, comfortable chair and a nice, comfortable environment,’” Miller said.

During the eight years through 2016, daily consumption of people between ages 18 to 24 rose 14 percent while among people 25 to 39 consumption rose just 9 percent, and for adults 60 and over decreased by 12 percent.

The Grind Coffee House in south Columbia has been open since mid-May and offers a setting that draws millennials, who account for nearly 50 percent of its customers.

Owner Aucky El-Tayash said he caters to that crowd.

“I do get a lot of students because, like I said, I’m open so late," he said. "We have a big space. We have, I’ve actually made like study bars where you can plug in your iPhones or your computers. I have like the USB jacks with, I even have like the stands where you can put like your iPads and stuff on the wall so it doesn’t take up your space. So I’ve catered some of my shop to studying. I have a conference room that turns into a quiet study room after like 6 p.m., so I get a lot of people using that for studying.”

The general manager at Lakota Coffee Company, Andrew DuCharme, believes more millennials are drinking coffee because of the increase in variety.

“There’s more coffee options for an introductory coffee drinker. You know, instead of just being able to start off with a black cup of coffee and adding cream or sugar, you can now add pumpkin creamer to it, or hazelnut creamer to it. You can make it your own where you get that personalization,” DuCharme said.

Both coffee shops are active on social media and they believe this helps reach the millennial population. 

Judith Ganes, president of a commodities research and consulting services company out of New York, said the prices in the coffee market are at higher levels. 

Ganes said price fluctuations are normal in the market, so the current situation is no cause for immediate concern.

She said the coffee industry has evolved with innovative products that lend to a newfound appreciation for quality, and if millennials weren’t increasing consumption the industry would be facing a challenge.

However, higher prices might not deter some people.

“I would just probably like use it as a special like splurge,” Miller said.

She already spends around $10 a week on coffee.

“I like the foo-foo drinks so, I probably spend a lot, too much, because white chocolate mochas ain’t cheap,” Miller said.

DuCharme said he has seen more coffee shops opening in the area in the last two years.

Since last November, there are more than 10 new businesses in Columbia that offer coffee, according to business licenses issued since November 2015.

More News

Grid
List
COLUMBIA - Fifteen University of Missouri students got the chance to pitch their business ideas Monday in hopes of receiving... More >>
8 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 6:39:00 PM CST November 18, 2019 in News
SIOUX FALLS, S.D. (AP) — South Dakota’s new anti-meth campaign featuring people of different ages and races saying “I’m... More >>
8 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 6:26:00 PM CST November 18, 2019 in News
COLUMBIA - The Columbia City Council will approve the Magnolia Falls Park Improvement Project tonight. The park is located... More >>
9 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 5:29:00 PM CST November 18, 2019 in News
SWEET SPRINGS – Imagine not having a doctor of any capacity in your town. Bruce and Melissa Eckhoff, along... More >>
10 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 4:40:00 PM CST November 18, 2019 in News
SPRINGFIELD, Mo. (AP) — Federal authorities have charged 20 people with conspiring to distribute heroin and fentanyl in the... More >>
10 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 4:07:00 PM CST November 18, 2019 in News
COLUMBIA - A second charge has been filed against Joseph Elledge for child abuse. He has been charged with... More >>
11 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 3:43:00 PM CST November 18, 2019 in News
WEBB CITY, Mo. (AP) — Police say two people were found shot to death at a dentist’s office in... More >>
12 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 2:53:00 PM CST November 18, 2019 in News
MARIES COUNTY - The Gasconade County Sheriff's Office added another "Most Wanted Fugitive" to their list Monday. Shay Vinson,... More >>
12 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 2:43:00 PM CST November 18, 2019 in News
JEFFERSON CITY - Governor Mike Parson announced the launch of the state's "Clear the Air" campaign on Monday, bringing attention... More >>
12 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 2:29:00 PM CST November 18, 2019 in News
HALLSVILLE - More than five units of the Boone County Fire Protection District responded to a house fire on Mt.... More >>
12 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 2:26:00 PM CST November 18, 2019 in News
KANSAS CITY (AP) — Hundreds of containers — many carrying hazardous materials — have floated into Missouri since flooding in... More >>
14 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 12:19:03 PM CST November 18, 2019 in News
DUNCAN, Oklahoma (AP) — Two men and a woman were fatally shot Monday outside a Walmart store in southwestern... More >>
14 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 12:08:00 PM CST November 18, 2019 in News
OSAGE BEACH - Police arrested two people Friday after searching a room at the Osage Village Inn and finding drugs... More >>
16 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 10:51:00 AM CST November 18, 2019 in News
ST. MARTINS (AP) — Authorities say one person has been wounded in a road-rage incident in central Missouri. ... More >>
19 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 7:44:00 AM CST November 18, 2019 in News
MOBERLY - Prosecutors charged a man Monday with one count of child abuse after police said he hurt a 10-month-old... More >>
22 hours ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 4:20:00 AM CST November 18, 2019 in News
COLUMBIA - The Columbia City Council on Monday night authorized the method for constructing the Columbia Regional Airport along with... More >>
1 day ago Monday, November 18 2019 Nov 18, 2019 Monday, November 18, 2019 12:48:00 AM CST November 18, 2019 in News
COLUMBIA - After years in the making, Columbia City Council will be one step closer in deciding the final steps... More >>
1 day ago Sunday, November 17 2019 Nov 17, 2019 Sunday, November 17, 2019 7:05:00 PM CST November 17, 2019 in News
JEFFERSON CITY—The Department of Planning and Protective Services in Jefferson City declared the first building with tornado damage as “dangerous”... More >>
1 day ago Sunday, November 17 2019 Nov 17, 2019 Sunday, November 17, 2019 6:03:00 PM CST November 17, 2019 in News
Columbia, MO
Broken Clouds 47°
4am 42°
5am 41°
6am 40°
7am 40°