UK-based market researchers Allegra World Coffee Portal have released information indicating that the average price of cappuccinos and lattes in Ireland has risen 4% to over €3.
The Irish Independent reports that this rise to a worldwide spike in coffee bean costs in 2016 that is causing price increases across the board in Ireland, from Americanos to frothy lattes. However, these rising costs have not had an adverse effect on coffee sales, with the number of branded coffee shops in Ireland predicted to surpass 800 with a turnover of €600 million within the next 4 years, compared with 632 outlets in 2017.
While Allegra assert that the likes of Insomnia, Starbucks, Caffe Nero and Costa will continue to dominate the market moving forward, the bigger chains also face competition from smaller, artisan cafés, the popularity of which is on the rise in both Dublin and a plethora of provincial towns around Ireland.
The 2017 Euromonitor report revealed that even though the number of independent coffee shops rose by 8.5% in 2016, customers tended to spend twice as much in bigger stores.
Retail Excellence Ireland spokesperson Lorraine Higgins explained that "Essentially, increased coffee sales are an indicator that more people are back at work. Consumer trends inform us that people will pick up one en route to work or later in the day in order to beat the 3pm slump, so that further corroborates the figures from the CSO regarding the numbers gainfully employed."
