Whirlpool Bets Starbucks Drinkers Will Buy a $2,000 Espresso Maker [BNN Bloomberg (Canada)]
Starbucks Corporation (SBUX)
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Source: BNN Bloomberg
The company launched new KitchenAid automatic espresso makers this month in the US that cost as much as $2,000. The goal is to hook Starbucks Corp. customers who are used to shelling out $5 for fancy coffee drinks and now find themselves working from home more often. It's a high-stakes gamble for Whirlpool as US economic growth slows and inflationary pressures persist. While small domestic appliances are still selling, the high-end discretionary category is a weak one in a cautious consumer environment, said Bloomberg Intelligence analyst Drew Reading. “It doesn't really get more discretionary than a $2,000 espresso maker,” he said. Whirlpool's revenue has stagnated with fewer US home sales and budget-conscious shoppers putting off upgrading their dishwashers or refrigerators. In Whirlpool's latest quarter, sales fell from the year prior, with the North American major-appliance business reporting a steeper decline than analysts had anticipated. The new KitchenAid machines are
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