Starbuck's $7 Cup of Joe

Every time I go to Starbucks or Caribou to buy a holiday drink, I die a little inside. Why do I feel this way? Because I'm paying $5 for a tall white chocolate mocha non-fat with whip. I know my bank account doesn't appreciate the purchase either. In order to save some money, I brew my own or I buy the regular stuff like my dad. Just when you thought coffee couldn't get anymore expensive, it did. Starbucks has introduced its most expensive blend. The Costa Rican Finca Palmilera coffee will cost customers up to $7 per cup.

While I won't deny my own need for coffee, I question why Americans are obsessed with it? Sure it has caffeine, but why are we willing to pay so much for it?

In one of my classes, we learned about consumers as social beings. These people make their purchases based on social status. There are thousands of people who are addicted to Starbucks and are loyal to the brand and find meaning in their consumption and their membership. So my real question is, are Starbuck's enthusiasts consumers based solely on the quality of the coffee? Or is it based on a belonging?

I have several coffee suave friends who might disagree with me, but Starbucks has made itself a trustworthy brand that is passionate for more than coffee. They've supported causes for creating jobs and helping children. They pull their customers in with their coffee, but also their philanthropy. Now it's all a matter of if those brand loyalists will stay committed through this price hike. Do you think Starbucks will actually make a profit? Or will the $7 cup of joe plunder?