As we all know, although China’s catering industry is in a steady growth trend, it has been in a state of “earning hard money.” At the beginning of 2020, the outbreak of a new coronavirus epidemic has made the food and beverage industry, which is dominated by offline consumption scenarios Note: Unless otherwise specified, the following discussion of the “catering industry” is mainly aimed at the restaurant store (the terminal consumption link of the catering industry chain) format.
From normal to extraordinary: the new crown epidemic has caused the catering industry to enter a “dark moment”
The restaurant industry in the normal state (before 2020)
The industry is in a steady growth trend, and emerging consumer groups are helping, but the industry is also facing pain points such as rising costs, fierce market competition, and limited financing channels..
1. The income of China’s catering industry is in a steady growth trend, with a total scale of 4.67 trillion yuan and a stable GDP share
2011 ~ 2019 China China’s catering industry market size has maintained steady growth at a compound annual growth rate of 10.76%. In 2019, China’s catering industry revenue reached 4.67 trillion yuan , A year-on-year increase of 9.38%, the output value of the catering industry as a percentage of GDP has stabilized at about 4.7% in the past five years.
In recent years, the scale of China’s catering industry has been growing steadily in recent years.
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The proportion of China’s catering industry’s income to GDP has stabilized at about 4.7% in the past 5 years.
Source: National Bureau of Statistics, Shengdao Investment Arrangement
(Note: China’s GDP in 2019 is the preliminary calculation result of the National Bureau of Statistics based on relevant basic data and national economic accounting methods)
2. Young consumer groups are becoming the main force of the industry, and consumer preferences are more diversified
From the perspective of current consumer groups, consumers between the ages of 20 and 35 have become the main consumer groups in the catering market.
Catering consumption by age group-Meituan data
Catering consumption by age-public review data
Source: China Catering Report (White Paper 2017), Huachuang Securities, Shengdao Investment Arrangement
Clothing, clothing and housing are still the main post-90s expenditures, while food and beverage consumption ranks a small amount after the 90s. Top of the list.
Food and beverage consumption is the primary cost of the post-90s generation.
Source: iResearch, Shengdao Investment Arrangement
For consumers of all ages, the restaurant ’s dishes are delicious