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Millennial consumers are driving a shift in coffee consumption away from traditional economy brands and toward pricier, higher-quality beans, the chief executive officer of Peet's Coffee said in an interview.
"We're seeing now a whole generation of millennials. They're coming into their own as coffee drinkers," Dave Burwick, Peet's chief executive officer, said in an interview last week. "They're the ones who are choosing better coffee right out of the gate."
But premium, higher-priced brands like Starbucks and Dunkin Donuts grew 11 percent and 5 percent, respectively, during that period. Peet's, which prices its products 10 percent to 12 percent above Starbucks, saw the highest growth of any major coffee brand over the period, at 22 percent.
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