SEATTLE—Starbucks customers have accumulated a total unspent balance of $1.62 billion on the company’s prepaid physical and digital reward and gift cards, the coffee giant’s 2021 Q3 earnings call revealed.
The company lists the total value its customers have stored on their prepaid cards but have not yet spent as “stored value card liability and portion of deferred revenue” on its consolidated balance sheet, NFC World reported.
The figure for Q3 2021 shows an increase of nearly $200 million in unspent stored value compared with the total of $1.463 billion listed for Q3 2020.
The company’s Q3 2021 call also showed that the number of active Starbucks Rewards members in the U.S. grew by one-million during the quarter to 24 million, a 48% year-on-year increase, and that rewards customers accounted for 51% of the total spend in the company’s U.S. stores.
“More and more of these customers are embracing experiences that effortlessly fit their lifestyle, with drive-thru representing 47% of transactions and mobile ordering for in-store pickup delivery or curbside at 26% of transactions,” Starbucks CEO Kevin Johnson said during the call.