Pumpkin Spice Tax: How Much More You'll Pay in 2020, From Trader Joe's to Starbucks
CHARLOTTE, N.C., Oct. 16, 2020 /PRNewswire/ -- The end of summer brings a number of changes, from turning leaves to cooler weather — and all things pumpkin spice. Previous research from MagnifyMoney has shown that those who love pumpkin spice were paying heavily for it. In the 2020 edition, the prices for pumpkin products are more competitive with their non-fall-themed variants, even as this year's pumpkin spice tax rose.
Without apparent rhyme or reason, the addition of pumpkin spice flavoring often changed prices, but not consistently through increases. Though many products saw no change in price compared to non-seasonal flavor options, less than half of the festive products observed came at a markup ranging from subtle to borderline exorbitant.
It's possible that PSL creator Starbucks might be driving search trends on its own — and in doing so, perhaps may have caused a little pumpkin spice burnout. Since 2016, MagnifyMoney found search trends for both "pumpkin spice" and "pumpkin spice latte" peaked right around the time the company announced a date when the seasonal drink would return to stores.
To view the full report, visit: https://www.magnifymoney.com/blog/news/pumpkin-spice-tax-study/.
MagnifyMoney researchers gathered data on 80 grocery products (40 pumpkin and 40 non-pumpkin) across six retailers to estimate the average pumpkin spice tax. The researchers also gathered data on 26 coffee beverages (13 pumpkin and 13 non-pumpkin).
This involved a mix of online shopping and in-store browsing during the week of Sept. 28, 2020. Because retailer locations vary, pricing came from the following New York and New Jersey ZIP codes:
MagnifyMoney compared the products on a price-per-ounce basis to control for different sizing of items.
MagnifyMoney.com, a subsidiary of LendingTree, makes it easy for consumers to shop for the best financial products and get answers to their most important financial questions. MagnifyMoney's unbiased advice and comprehensive product database helps millions of people compare credit cards, loans, checking accounts and savings accounts. MagnifyMoney's newsroom of personal finance experts is dedicated to helping people save money and lead financially healthier lives through strategies and tips for avoiding fees, getting out of debt, paying off student loans, avoiding consumer scams and other financial topics. MagnifyMoney was launched in 2014, was acquired by LendingTree in 2017, and is based in New York, NY. For more information, please visit www.magnifymoney.com.
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