客单价回到十年前，餐饮行业已经卷成麻花了

Core Insights - The restaurant industry is facing significant challenges, with dining prices dropping to levels not seen in the past decade, indicating a severe downturn in consumer spending and demand [1][7][13]. Industry Overview - The annual revenue of the restaurant industry showed growth until 2019, but began to fluctuate in 2020, with only slow growth in the last two years. However, the average spending per customer has notably declined since 2023, nearing ten-year lows [1][7]. - The decline in customer spending is attributed to an oversupply in the market, leading to intense competition and price wars within the restaurant and hotel sectors [7][11]. Demand Factors - The cautious consumer behavior and a focus on cost-effectiveness are driving restaurants to lower prices to attract more customers [14][20]. - The overall economic environment, including stagnant wage growth and diminished wealth effects from real estate, has contributed to reduced consumer spending power [16][18]. Competitive Landscape - The restaurant industry is experiencing fierce competition not only among dining establishments but also from low-cost delivery services, which are increasingly appealing to budget-conscious consumers [20][21]. - The majority of new food delivery orders are priced below 15 yuan, making them more attractive compared to dining out [21]. Future Outlook - The industry's recovery hinges on improving consumer confidence and spending capacity, which is essential to break the cycle of intense competition and price reductions [22][23]. - Upcoming economic discussions and policy adjustments may provide opportunities for revitalizing consumer spending and alleviating market pressures [24][25].