餐饮业迈入「拼多多时代」

Core Insights - The domestic catering industry in China has achieved a record revenue of 5.2 trillion yuan in 2023, marking a 20.4% year-on-year increase, significantly outpacing the growth of retail sales of consumer goods by 13.2 percentage points [1] - Despite the growth, the industry faces intensified competition with a surge in new entrants and a significant increase in business registrations and cancellations, indicating a challenging environment for many catering companies [1] - Consumer preferences are shifting towards quality and experience, leading to a decline in average spending per customer while costs for ingredients, labor, and rent continue to rise, putting pressure on profitability [1][2] - The industry is expected to experience a "Pinduoduo era," where businesses compete on comprehensive cost-performance ratios, emphasizing the need for differentiation and scale to survive [1][3] Industry Trends - Differentiation and Scale: Companies must focus on achieving both differentiation and scale to thrive in the competitive landscape. Major brands like Starbucks and McDonald's are expanding their store counts significantly, with Starbucks aiming for 9,000 stores by 2025 [1][2] - Pursuit of Efficiency and Experience: Catering businesses are increasingly focused on operational efficiency and enhancing customer experience. This includes standardization and digitization to improve service speed and quality [3][5] - Full Chain and Full Domain Strategies: Companies are adopting comprehensive supply chain strategies to reduce costs and improve profitability. For instance, brands like Mixue Ice City are building complete supply chain systems to enhance efficiency [6][7] - Small and Beautiful Models: The trend towards smaller, more flexible restaurant formats is gaining traction. This includes small dining establishments and community-focused outlets that cater to local markets, particularly in lower-tier cities [8][9]