Americans are spending more money on coffee than ever before. Find out why, and how you can slow your coffee spending to a trickle.
Many Americans need a jolt of caffeine in the form of a hot cup of joe to help them get through the daily grind. Yet, Americans are drinking less coffee overall, even as they are spending more money on coffee than ever before, says Reuters.
Confused? Let me explain. Coffee consumption in the United States is expected to dip from 24 million 132-pound bags last year to 23.7 million 132-pound bags this year. Reuters says this is the first drop in coffee drinking in the U.S. since 2009-2010, and it largely has to do with the K-Cup.
Many Americans have ditched traditional roast and ground coffee brewed in a coffee pot in favor of single-serve coffee pods. In fact, more than one-quarter of households in the U.S. now have single-serve coffee machines, like a Keurig with its K-Cups, according to Reuters.
The result is coffee drinkers only make as much as they can drink, which means far less coffee is dumped down the drain.
Despite the slight drop in coffee consumption in the U.S., Americans are expected to spend a whopping $13.6 billion on coffee this year. That’s up from $12.8 billion in 2015 and $11.9 billion in 2014.
Single-use coffee makers and coffee pods are easy and convenient to use. However, they’re not cheap — even K-Cup inventor and coffee lover John Sylvan doesn’t use a Keurig because he says, “They’re kind of expensive to use.”
Critics also say K-Cups are not great for the environment because they’re so difficult to recycle.
K-Cups are not the only expensive way to get your coffee fix. Starbucks just announced it is raising prices again. Order your coffee from the Seattle-based coffee giant or one of its competitors, and your morning cup of joe could cost anywhere from $1 to $6.
If you purchase your caffeinated beverage of choice at a coffee shop Monday through Friday, you’re probably spending between $5 and $25 a week. That’s $20 to $100 a month. On an annual basis, you could be spending upwards of $1,200 a year on coffee shop java.
Meanwhile, according to Bustle, if you’re brewing your coffee at home, you could spend as little as $45 a year.
So, you might want to consider getting your coffee fix at home. And if you want to save the most money — and help the environment — you might also want to think about ditching your Keurig or other single-serve coffeemaker in favor of an old-fashioned coffee pot.
Are you a coffee drinker? Do you brew yours at home or grab your fix from a coffee shop? Share your comments below or on our Facebook page.