August 8, 2022

Starbucks is seeing big uptrends in business in places where vaccinations are on the rise, CEO Kevin Johnson said Thursday.

“Consumer mobility skyrocketed and … we saw traffic increase in our stores,” CNBC’s Johnson Jim Cramer said in a Mad Money interview. He also said Starbucks sales in the same store in regions where consumers are being vaccinated are above pre-pandemic levels.

The link between increased business activity and increasing vaccination rates is simple, Johnson said. The company found that when at least 35% of adults in a market have been vaccinated against the virus, governments will begin easing Covid restrictions to give way to an economic recovery.

Johnson added that the US is acting as a guide for global markets as countries vaccinate their citizens against Covid-19 and roll back health restrictions.

“We’re seeing this happening in Mexico now, we’re starting to see this in Europe,” he added. “Every market around the world will see exactly what the United States has seen here over the past 90 days.”

Seattle-based Starbucks is present in 80 countries and generates most of its revenue in the United States