Bloomberg Intelligence
Holiday Consumer Spending, Update on Starbucks Worker Strike
Dec 26, 2024
Lauren Saidel-Baker, an economist at ITR Economics, dives into consumer spending trends this holiday season, examining the impact of tax changes and Federal Reserve policies. Russel William Galbut, managing principal at Crescent Heights, shares insights on the South Florida real estate market, highlighting demographic shifts and infrastructure investments. The podcast also sheds light on the recent Starbucks worker strike, discussing its implications for labor rights and consumer dynamics, making for an engaging look at current economic challenges.
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Quick takeaways
- Starbucks workers recently initiated a five-day strike amid ongoing contract negotiations, highlighting significant labor tensions and public scrutiny during the holiday season.
- Current consumer spending trends reveal a stark divide between affluent households spending freely while lower-income consumers face inflation-related cutbacks.
Deep dives
Starbucks Workers Strike and Union Negotiations
Starbucks employees recently engaged in a five-day strike as they negotiate their union contract, with around 5% of stores currently unionized. The dispute arose from allegations that Starbucks did not present any wage improvements during contract discussions, leading the union to leave the negotiating table. The strike coincided with a busy holiday season, specifically on Christmas Eve, but only a small percentage of stores actually closed. The incident highlights the ongoing tensions within the workforce and the significant public attention it garnered, albeit with a limited impact on the company’s overall operations.
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