Bernstein said in a research note published Friday that upcoming changes to the Starbucks Rewards program could alienate its core customers.
Last week, Starbucks announced changes coming to its North American loyalty program in an effort to attract new members. But Bernstein said in a note published Friday that the adjustments could anger existing Starbucks Rewards members.
"We think the new rewards plan runs the risk of alienating the core customers," Bernstein analyst Sara Senatore wrote in the research note. The current iteration lets customers exchange 125 points — earned by spending $62.50 at the coffee chain — for a free food or drink item. When the changes go into effect in several weeks, members will have to redeem 150 stars — the equivalent of spending $75 — for a handcrafted drink, hot breakfast or parfait. A lunch sandwich or salad will set customers back even more: 200 points or $100.
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