recently revealed plans to build nearly 3,000 new stores in China over the next five years. That almost doubles the number of stores there now. And it marks a notable shift in the tastes and purchasing power of this growing market.
It’s no secret there’s a lot of tea in China. Its tea fields are legendary, providing the leaves for the hundreds of cups of tea the average person here drinks every year, reports CBS News correspondent Ben Tracy.
But coffee, not tea, is increasingly becoming the caffeine fix of choice for China’s rapidly growing middle class. Coffee consumption in China has nearly tripled in the past four years, with coffee imports growing 16 percent a year compared to about 2 percent in the United States, according to the International Coffee Organization and the U.S. Department of Agriculture.