Goldman analysts find that a softening labor market, slowing traffic at major QSR chains, and intensifying competition are raising investor concerns about ready-to-drink (RTD) and specialty coffee demand. Coffee demand remains dismal. Given that Gen Z significantly drives coffee demand, analysts point to rising youth unemployment as a potential factor behind the slump in sales. The takeaway is that the coffee market is facing mounting macroeconomic headwinds and intensifying competition, just as unemployment among Gen Zers ticks higher. A soft labor market, slowing traffic, and aggressive QSR beverage rollouts (McDonald's, Taco Bell, Chick-fil-A, Wendy's) are eroding demand momentum.