在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

US EUROPE AFRICA ASIA 中文
Business / View

Restaurant business: Competitive market offers opportunities and challenges

By Jack Chuang (chinadaily.com.cn) Updated: 2016-05-30 09:30

Restaurant business: Competitive market offers opportunities and challenges

A woman walks past a Pizz Hut advertisement in Shanghai, March 11, 2005. [Photo / IC]

China's restaurant market is more vibrant than ever and is home to close to 8 million foodservice points of sale and dozens of unique local cuisines. The industry's growth is outstripping other major markets and showing extraordinary resilience in a time of declining GDP growth.

According to the China Cuisine Association statistics, China's catering service market grew by 11.7 percent from a year earlier to reach 3.23 trillion yuan ($490.9 billion) in 2015.

The country's middle class, with annual household incomes of between $9,000 and $34,000, has grown explosively and now accounts for 68 percent of all urban households. The increase in disposable income has meant that consumers now eat out more frequently.

The arrival and rapid expansion of international chains in the past few years has increased the competitiveness of the market. Despite heightened curiosity and receptiveness, getting a consumer to visit your restaurant still represents a significant challenge.

Fortunately, the strong performance of international chains proves that success is achievable for foreign players. They just need to know to how to capture the hearts of clients.

The consumers are becoming more sophisticated, which has led to the arrival of new concepts. They actively seek out new restaurants and are receptive to new formats and concepts such as new theme, healthy lifestyle menus and organic produce, as well as innovative fusion cuisine.

Over 80 percent of Chinese with a monthly household income of 20,000 yuan ($3,049) or above agree that they actively seek out new restaurants and enjoy eating out at modern, casual place. Eighty percent of the same group also has a high propensity to spend more for a nicer restaurant to indulge or reward themselves.

In addition, consumers like to dine out to celebrate special occasions. Restaurants need to be aware of and sensitive to these differences in dining missions/occasions in order to succeed. They are willing to pay three times more for a celebratory or special occasion than for casual day-to-day dining, which offers opportunities for restaurants to launch special menus with higher prices and capture additional revenue.

In terms of the reputation of specific brands in China, Haidilao is perceived as the most reputable, followed by Pizza Hut and Little Sheep. McDonald's (7), TGI Friday's (8) and KFC (9) are the Western brands ranked in the top 10, demonstrating the extent to which foreign brands play a significant role in the market.

According to a recent study of OC&C Strategy Consultants, service quality, variety of choice and race to innovate are three critical factors for consumers, while service speed, convenience and pricing are rated as less important.

As cities continue to modernize, smaller traditional points of sale diminish, presenting restaurant chains with an opportunity to capture even more growth. The full potential of restaurant chains is far from being reached in China.

Looking forward, restaurant chains are likely to continue gaining market share, leveraging brand recognition, experience sharing, buying power and extensive support networks. The strong performance of international chains, ranging from fast food restaurants such as Pizza Hut, to casual dining chains such as TGI Friday's, signals that success is achievable for foreign players.

International chains should not be deterred by fierce competition.

The author is a partner of Greater China, OC&C Strategy Consultants. The views do not necessarily reflect those of China Daily.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 在线免费观看黄 | 香蕉视频成人在线观看 | 亚洲精品乱码久久久久久按摩观 | 四虎动漫| 波多野结衣一二三四区 | 欧洲妇女成人淫片aaa视频 | 久久国际影院 | 久久激情视频 | 久久一| 黄色毛片在线看 | 欧美字幕一区 | 天天躁日日躁狠狠躁av麻豆 | 国产精品国产精品国产专区不片 | 欧美另类一区二区 | 日韩不卡| 国产精品久久久爽爽爽麻豆色哟哟 | 久久久91精品国产一区二区 | 久久成人国产精品入口 | 国产高清第一页 | 免费在线成人av | 黄av在线 | 国产日韩欧美在线 | 欧美一级在线视频 | 狠狠操夜夜操 | 99免费观看视频 | 91成人在线 | 蜜桃久久一区二区三区 | 日日网 | 日本久久精品一区二区 | 黄色大片在线免费观看 | 精品中文字幕一区二区 | 久久国产精品精品国产 | 91精品一区二区三区久久久久 | 91久久久久久 | 久久九九久久精品 | 亚洲黄色一区二区 | 草草草影院 | 精品视频在线免费观看 | 欧美一区三区三区高中清蜜桃 | 亚洲精品在线播放 | 成人精品久久久 |