Starbucks faces rivals in China with cheaper prices, more variety, NYT says

Starbucks (SBUX) is facing a challenge in China, specifically coffee and tea drinkers want more options for a lower cost, Alexandra Stevenson, Julie Creswell, and Zixu Wang of The New York Times reports. Consumers are now less interested in foreign brands and are more cost conscious. Additionally, dozens of competitors to Starbucks release new flavors of tea and coffee every week at lower prices. Luckin Coffee (LKNCY), a Chinese brand that started seven years ago, now generates more revenue in the country than Starbucks.