Over the course of the past few years, financial planners have referred to the “Latte Factor”, which is the notion that all of the small daily purchases made at Starbucks and elsewhere add up to a lot of money over time. It’s no secret that the Grande Latte that costs three or four bucks at Starbucks can be made yourself for less than a buck. However, I have always worked under the assumption that the number of people that actually made their own coffee drinks pales in comparison to the number that stop off at Starbucks or Peet’s.
When Starbucks announced the closing of hundreds of stores, I really wasn’t surprised. It’s often described as an affordable luxury; and therefore, something that can be easily be cut out of one’s budget.
However, there is one thing that has really come as a surprise to me: During each of my last two visits to the grocery store, the bulk section has been sold out of espresso roast coffee beans. Is this a canary in the coal mine? Is it possible that people are actually changing their habits en masse because of the downturn in the economy?
How about it? Have you changed your daily habits in light of the economy?
Side note: The term “Latte Factor” was trademarked in in 2005 by David Bach. If Mr. Bach or his company notice this, I hope that they will see fit to allow me to use this term as-is in this article.
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We started making our own
We started making our own iced coffee a couple months ago. ;-)
I cannot stand Starbucks
I use a small stove-top espresso maker for my morning fix. Works great!