Starbucks Stock Crashes After Plan to Hire 10,000 Refugees

Published in News on 26th February 2017
Starbucks Stock Crashes After Plan to Hire 10,000 Refugees

Starbucks Brand Crashes After Announcement of Plan to Hire 10,000 Muslim ‘Refugees’

Its brand name has lost its luster with customers

Muslims or Americans?

Image Credits: Pexels.

The Starbucks Coffee brand has taken a major hit since the company’s announcement that it would hire 10,000 Muslim “refugees” in response to President Donald Trump’s temporary travel moratorium in January.

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Starbucks was one of those early to criticize President Trump for putting a temporary hold on immigration from a list of seven terror-torn countries flagged by the Obama administration. In response, the coffee house giant pledged to hire 10,000 Muslim refugees over five years in protest against Trump’s order.

But since the company issued its anti-Trump statement its brand name has lost its luster with customers. Perception levels of the Starbucks brand name fell by an incredible two-thirds since its January announcement, according to a YouGov survey, as reported by Yahoo Finance.

The survey measures how potential customers feel about a company’s brand and asks if they have “heard anything about the brand in the last two weeks, through advertising, news or word of mouth, was it positive or negative.”

In the week before the company’s January refugees announcement, 30% of respondents said they would consider spending money at Starbucks. But after the statement that number fell to 24 percent, the survey discovered.

The company’s announcement immediately sparked a #BoycottStarbucks movement on Twitter and brought condemnation from coast to coast.

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