Katie Couric recently interviewed Starbucks CEO Howard Schultz on CBS Sunday Morning and asked him if he thought the company had a “tin ear” to what people were going through with the recession. Perhaps, she suggested, they couldn’t afford to pay “$5 on their coffee every day.” Schultz’s response was to laugh. You see, Starbucks coffee only costs $1.50.
Couric: “Do you think that the company, and you, had a tin ear about what people were experiencing during the height of the recession?”
Couric: “You know, that maybe they couldn’t spend $5 on their coffee every day?”
Schultz (interrupting, laughing): “Katie! It’s not five bucks! It’s not five bucks, let’s get that right! It’s $1.50!”
Couric: “No, for these fancy coffee drinks, that people are addicted to! It’s a lot more than $1.50, Howard.”
Schultz (laughing in disbelief): “Ok, Ok. We did not have a tin ear.”
Couric: “Little bit?”
We’re out of touch with Starbucks prices, so we’ll just leave this one up to you, the consumer. Which millionaire is right?