Pumpkin spice products at Starbucks, Walmart, others cost more, study finds
Craving a pumpkin spice latte? It can come at a cost.
According to a new study by LendingTree, pumpkin-flavored products cost more than their non-pumpkin alternatives.
Last month, LendingTree researchers gathered prices and sizes on 116 grocery store and coffee retailer products to estimate the average "pumpkin spice tax."
Data was gathered from retailers including Whole Foods, Dunkin’, McDonalds, Starbucks, Target, Trader Joe’s and Walmart.
Consumers pay "pumpkin spice tax"
LendingTree found that, on average, pumpkin-flavored products cost 7.4% more than their non-pumpkin alternatives.
They also found that trail mix had the largest gap in pumpkin and non-pumpkin pricing. Target’s Favorite Day monster trail mix cost $4.00 for 14 ounces, or $0.29 per ounce. Meanwhile, the Favorite Day pumpkin spice trail mix cost $5.49 for 10 ounces, or $0.55 per ounce – a 92.2% difference.
FILE - A person holds a pumpkin spice latte, purchased at a Starbucks in Baltimore. (Christina Tkacik/Baltimore Sun/Tribune News Service via Getty Images)
However, the latest "pumpkin spice tax" of 7.4% is still the lowest in the history of the study, well below 14.1% in 2022 and 8.8% in 2020.
Inflation cools; yet prices remain high
Despite the findings, ongoing inflation has still kept the price of goods high.
"Even though inflation has slowed overall, prices are still really high, squeezing people’s budgets and forcing them to prioritize their spending," LendingTree chief credit analyst Matt Shulz said in a statement. "For some people, paying more for pumpkin-flavored items might be a bridge too far."
According to another LendingTree study on food prices, the overall cost of the grocery basket was up 3.1% or $2.60 compared to three months earlier. This means the average grocery basket cost $86.18 compared to $83.58 last July.
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This was reflected in the latest study as well: They found that a coffee frappuccino at Starbucks was $6.25, while it was $5.45 when LendingTree conducted its study in 2022. Meanwhile, a pumpkin spice frappuccino was $6.75, while it was $6.25 in 2022.
Tips on managing PSL budget
To help incorporate the pumpkin spice tax into your budget, LendingTree recommends getting your priorities in order.
"As much as we love pumpkin-flavored items, rising prices aren’t to be ignored," Schulz continued. "If your budget has tightened as inflation has taken hold over the last few years, know that you might have to consider holding back a bit."
He said you can also consider consolidating your debts with a low-interest personal loan. That can reduce the amount of interest you pay each month on your debts, allowing you to pay them down a little bit faster and maybe even free up an extra few bucks to splurge on a pumpkin spice treat now and then.
LendingTree also said to keep an eye on discounts and rewards. Having a loyalty card or store credit card may come in handy. For example, if you’re a Starbucks PSL fan, you can keep an eye out for triple star days — these points can be exchanged for discounts or free items.
Or if you’re really looking to save, consider going the DIY route.
"Getting your pumpkin fix doesn’t always mean restaurants and coffee shops," Schulz said. "Bake your own pumpkin bread. Make your own pumpkin-flavored coffee at home. Even though the prices of these things in the stores are still more expensive than in previous years, it’s often a whole lot better than what you’ll pay at your favorite bakery or coffee shop."