星巴克在中國的困境：從高端霸主到增長乏力

星巴克自1999年進入中國市場以來，長期佔據高端咖啡市場的領導地位，憑藉“第三空間”理念和品牌溢價，成為中國都市白領的社交符號。然而，近年來，星巴克在中國市場的增長明顯放緩，甚至出現營收下滑、同店銷售額下降的趨勢。2024年至2025年，星巴克中國的經營狀況進一步惡化，面臨本土品牌的激烈競爭、消費者習慣的變化，以及自身戰略調整的挑戰。

1. 營收持續下滑，同店銷售疲軟

根據星巴克2024財年財報，中國市場的可比同店銷售額同比下降14%，其中客單價下降8%，訂單量下降6%5。儘管星巴克仍在擴張門店（2025年Q1新增96家門店），但新店增長無法抵消同店業績的下滑。更嚴峻的是，2024年星巴克中國總營收同比下降1.4%，而同期瑞幸咖啡的營收卻增長41.4%，首次突破百億元，遠超星巴克中國的55.84億元。

這一趨勢在2025年仍未扭轉。2025財年Q1，星巴克中國同店銷售額繼續下滑6%，表明其單店盈利能力持續減弱。相比之下，瑞幸、庫迪等本土品牌憑藉低價策略和快速擴張，正在蠶食星巴克的市場份額。

2. 降價促銷：非咖啡產品先行，但消費者不買帳

2025年6月，星巴克中國宣佈對“星冰樂、冰搖茶、茶拿鐵”等非咖啡飲品降價，平均降幅5元，最低價格降至23元。然而，這一舉措並未獲得消費者的廣泛認可，許多網友吐槽“23元還是太貴”，並對比瑞幸的“9.9元咖啡”認為星巴克“降價力度不足”。

星巴克中國解釋稱，降價並非參與價格戰，而是為了強化“上午咖啡，下午非咖”的全天候消費場景。但市場分析認為，這實際上是星巴克在高端定位與市場競爭之間的妥協——既不願全面降價損害品牌調性，又不得不通過部分產品降價來吸引價格敏感型消費者。

3. 為何星巴克在中國賣不動了？

(1) 本土低價品牌的衝擊
瑞幸、庫迪等品牌以“9.9元咖啡”策略迅速佔領市場，並通過高頻新品（如生椰拿鐵、醬香拿鐵）吸引年輕消費者5。相比之下，星巴克的核心產品（如美式、拿鐵）價格仍在30元以上，且新品反覆運算速度較慢，難以適應中國消費者對“平價+創新”的需求。

(2) 下沉市場佈局滯後
中國咖啡市場的增長點已從一二線城市轉向三四線城市，但星巴克的門店仍集中在一二線，下沉市場占比僅約20%。而瑞幸早在2022年就實現“7:3”的一二線與下沉市場比例，更早搶佔低線城市增量。

(3) 租金成本壓力加劇
星巴克早年憑藉品牌優勢，與商場簽訂“營業額扣點”的低租金協議。但隨著門店業績下滑，商場開始要求改為“固定租金+扣點”模式，甚至考慮清退部分星巴克門店。2025年，大量星巴克門店租約到期，租金上漲將進一步擠壓利潤。

(4) 消費習慣變化：從“第三空間”到“快咖啡”
過去，消費者去星巴克不僅是為了咖啡，更是為了社交、辦公的“第三空間”體驗。但如今，外賣和快取模式成為主流，瑞幸、庫迪的小店型更適應這一趨勢，而星巴克的大店模式成本更高，難以在價格上競爭。

4. 星巴克的應對策略：轉型與可能的出售

面對困境，星巴克嘗試多管齊下：

調整產品策略：推出聯名款（如迪士尼“瘋狂動物城”冰搖茶）、增加非咖啡飲品占比。

優化門店結構：開設更多“啡快”小店，降低運營成本8。

探索加盟模式：2024年底傳出星巴克考慮出售中國業務股權，可能效仿麥當勞，將直營轉為特許經營以降低風險。

然而，這些措施尚未顯著改善業績。市場普遍認為，星巴克的核心問題在於其“高端定位”與“中國咖啡市場平價化”的矛盾。若無法在品牌溢價與價格競爭力之間找到平衡，星巴克在中國的市場份額可能繼續萎縮。

5. 未來展望：星巴克能否重回增長？

短期內，星巴克仍將面臨瑞幸、庫迪的激烈競爭，而消費者對價格的敏感度仍在上升。長期來看，星巴克可能面臨兩種選擇：

徹底擁抱本土化：進一步降價、加速下沉，甚至引入加盟模式；

堅守高端，但收縮規模：聚焦一二線城市核心商圈，放棄部分低效門店。

無論哪種路徑，星巴克都需要重新定義其在中國市場的價值主張，否則可能步其他國際品牌（如必勝客、哈根達斯）的後塵，逐漸被本土品牌取代。

Starbucks' Predicament in China: From Premium Leader to Stagnant Growth

Since entering the Chinese market in 1999, Starbucks has long dominated the high-end coffee segment. With its "third space" concept and premium branding, it became a symbol of social status for China’s urban white-collar workers. However, in recent years, Starbucks’ growth in China has clearly slowed, with declining revenue and falling same-store sales. Between 2024 and 2025, Starbucks’ operations in China have deteriorated further, challenged by fierce local competition, shifting consumer habits, and internal strategic adjustments.

1. Declining Revenue and Weak Same-Store Sales

According to Starbucks’ FY2024 financial report, comparable same-store sales in China dropped by 14% year-over-year, with an 8% decline in average transaction value and a 6% decrease in transaction volume. Despite continuing to open new stores (96 new stores added in Q1 2025), the growth has failed to offset declining performance at existing locations.

More concerning, Starbucks China’s total revenue fell by 1.4% in 2024, while Luckin Coffee’s revenue surged by 41.4%, surpassing RMB 10 billion for the first time—well ahead of Starbucks China's RMB 5.584 billion. The downward trend persisted into 2025: in Q1 FY2025, Starbucks China’s same-store sales dropped another 6%, highlighting the continued decline in single-store profitability. In contrast, local players like Luckin and Cotti Coffee are rapidly eating into Starbucks’ market share with aggressive pricing and expansion.

2. Discount Promotions: Non-Coffee Products First, But Consumers Aren’t Buying In

In June 2025, Starbucks China announced price cuts on non-coffee drinks such as Frappuccinos, iced shaken teas, and tea lattes, with an average reduction of RMB 5 and a new low of RMB 23. However, the move failed to win over many consumers, with netizens saying “RMB 23 is still too expensive,” especially when compared to Luckin’s RMB 9.9 coffee offerings. Many felt Starbucks’ price cuts lacked sincerity.

Starbucks China explained that the initiative wasn’t about joining a price war but about reinforcing its all-day consumption model—coffee in the morning, non-coffee drinks in the afternoon. Market analysts, however, saw it as a compromise between maintaining a premium brand image and responding to increasingly price-sensitive customers.

3. Why Is Starbucks Struggling in China?

(1) Assault by Low-Cost Local Brands

Brands like Luckin and Cotti have swiftly captured market share with their RMB 9.9 pricing strategies and high-frequency product launches (e.g., coconut lattes, liquor-infused lattes), appealing especially to younger consumers. In comparison, Starbucks’ core offerings—Americanos, lattes—remain priced above RMB 30, with slower innovation, making it harder to meet Chinese consumers’ demand for "affordable + novel."

(2) Slow Penetration into Lower-Tier Markets

China’s coffee growth is now driven by lower-tier cities (Tier 3 and below), yet Starbucks’ stores remain concentrated in Tier 1 and Tier 2 cities, with only around 20% presence in lower-tier markets. Luckin, by contrast, had already achieved a 70:30 upper-lower tier ratio by 2022, giving it an early-mover advantage in these emerging areas.

(3) Rising Rental Costs

Early on, Starbucks leveraged its brand power to sign favorable "revenue-sharing" rental agreements with malls. As store performance declines, malls are pushing for “fixed rent + commission” models and even considering closing underperforming Starbucks locations. With many leases expiring in 2025, rising rents will further squeeze margins.

(4) Changing Consumption Habits: From ‘Third Space’ to ‘Quick Coffee’

Previously, consumers went to Starbucks not just for coffee, but also for the experience of working or socializing in a "third space." Today, delivery and quick pickup have become the norm. Local brands like Luckin and Cotti have adopted smaller, leaner store formats that align with this trend, while Starbucks’ large-store model incurs higher costs and lacks price competitiveness.

4. Starbucks’ Response: Transformation and Potential Divestment

In response to mounting challenges, Starbucks has employed a multi-pronged strategy:

• Product Adjustments: Introducing co-branded drinks (e.g., Disney’s Zootopia iced teas), increasing the share of non-coffee products.
• Store Optimization: Opening more compact “Starbucks Now” stores to reduce operational costs.
• Franchise Model Exploration: As of late 2024, rumors emerged that Starbucks may consider selling equity in its China business, possibly following McDonald’s footsteps by shifting from direct operation to franchising to mitigate risks.

Despite these efforts, results have yet to significantly improve. Many analysts argue Starbucks’ core dilemma is the tension between its premium positioning and the price-driven nature of China’s coffee market. Without striking a balance between brand equity and competitiveness, Starbucks risks continuing to lose market share.

5. Outlook: Can Starbucks Regain Momentum in China?

In the short term, Starbucks will continue to face intense competition from players like Luckin and Cotti, while consumers grow increasingly sensitive to price. In the long run, Starbucks may have to choose between two paths:

• Fully Embrace Localization: Further price reductions, deeper penetration into lower-tier cities, and potentially adopting a franchise model.
• Defend the Premium Position but Shrink: Focus on high-performing stores in Tier 1 and 2 city centers, while closing unprofitable locations.

Whichever path it chooses, Starbucks must redefine its value proposition in the Chinese market. Otherwise, it may follow in the footsteps of other global brands like Pizza Hut or Häagen-Dazs—gradually displaced by agile local competitors.