Don’t sleep, get up and eat!
Editor’s note: This article is from the WeChat public account “CEO Brand Watch” (ID: New_shop_), author Panda Chan.
Build a “night economy” and eat the goods first!
The “night economy” has become a new growth point for domestic food consumption.
Alibaba’s “Night Economy” report shows that night consumption such as catering, shopping, and movie watching is growing at a faster rate, while night consumption also activates late night commercial dynamism.
From 23:00 to 24:00, more than 83% of word-of-mouth merchants in first- and second-tier cities are still open; after zero, the proportion of word-of-mouth merchants still operating is over 60%.
Especially in the catering field, the night market is booming, the products offered are no longer the same snacks, and more and more food head brands are joining the “night fight” to promote the “night economy” and make it an industry. New blue sea.
Who is the main force of the “night economy” consumption of food and beverage?
According to the “China City Nightingale Consumer Trends Big Data Report” published by Gaode Map, consumers aged 20 to 29 account for more than 50% of the total, which is the main force of the night and night stalls.
Additionally, during the daytime traffic jams during the day, the “996 work system” arrangement… makes night the best time to spend more and more “social animals”.
▲Source: Bohua Exhibition
There are statistics showing that in the first-tier cities such as Beijing, Guangzhou and Shenzhen, the proportion of night consumption has accounted for more than 50% of the total consumption. The Ministry of Commerce’s urban residents’ consumption habits survey report also shows that 60% of consumption occurs at night, and large shopping centers are 18 to 22 o’clock every night.Food and beverage “night economy” market must first meet the consumption habits of young people. After all, young people like to stay up all night. Not only that, but to tap the night market, simply extend the business hours, but also to introduce dishes and services.
And knowing how to catch hot spots at the right time can drive the development of branded restaurant “night economy”. For example, during the World Cup last year, the sales of crayfish and beer packages increased exponentially; this year’s “Avengers 4” was released during the zero-point view. More than 3 million filming times have naturally led to the growth of the surrounding day and night.
In addition, the development of the “night economy” of the future food and beverage industry is not only limited to the traditional fields represented by single entertainment consumption such as bars and restaurants, but also can be involved in more fields with other formats. If the relevant brands can gain insight into the characteristics of the “night economy” of food and beverage, the launch of targeted marketing is also an opportunity to gather young consumers.