Starbucks to Lower Prices in China as Competition Heats Up

Starbucks China will lower the prices of some of its iced drinks by an average of 5 yuan ($0.70) across the country, the company announced on Monday, as competition intensifies and consumers become more cautious about spending.

In a post on its Weixin social media account, the US coffee chain said it would offer more "accessible" prices on dozens of its drinks, including non-coffee drinks and the Frappuccino, from Tuesday.

While China is Starbucks' second-largest market after the US, the coffee market is highly competitive...

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