On May 9, 2024, Brand Finance, a British brand evaluation agency, released the 2024 "Brand Finance 2024 Top 500 Chinese Brand Value" report, and Haidilao ranked 112th for 6 consecutive years. In the report's "2024 Top 10 China's Strongest Brands" list, Haidilao ranked second.
Brand Finance 2024 China's Top 500 Most Valuable Brands report
Brand Finance commented in the report's "Industry Excellent Case Review" that China's top brands have shined in the economic recovery, and specifically pointed out that "Haidilao leads the strongest brand in China's catering industry". According to the report, Haidilao's national business volume surged during this year's Spring Festival, highlighting its strong brand resilience. Between February 10 and 17, 2024, the brand served a total of 13 million customers, a 35% increase over the same period in 2023.
According to the "Top 25 Most Valuable Catering Brands in 2024" report released by Brand Finance in February 2024, among the most valuable catering brands in the world, Haidilao has the strongest brand strength, with a brand strength rating of AAA+.
2024 "Top 10 Global F&B Brand Strength" released by Brand Finance
Haidilao's 2023 annual results report shows that as of December 31, 2023, Haidilao's overall revenue was RMB41.453 billion, a year-on-year increase of 33.6%. Profit for the year was RMB4,495 million, representing a year-on-year increase of approximately 174.6%. Due to the recovery of the overall consumption environment, the number of times consumers eat out has increased relatively, and the turnover rate of Haidilao restaurants has increased significantly. In 2023, the overall turnover rate of Haidilao restaurants will be 3.8 times per day, a year-on-year increase of 26.7%. The turnover rate of 950 same-store stores was 3.9 times per day, an increase of about 30%. Haidilao will launch a total of 29 new national products in 2023 and upgrade 13 national dishes. More than 300 local dishes have been newly developed or updated and optimized, including more than 30 special pot bases, such as Sichuan spicy pot with clear oil, colorful potatoes, and all-beef platter.
Haidilao Hot Pot launched "Xiangxiang Xiang Xiang Coriander Hot Pot" in Chongqing
In 2024, new Haidilao regional products will continue to be launched, bringing more new surprises to the holiday "taste bud tour". Chongqing Haidilao Hot Pot launched a new "Coriander Hot Pot Theme Banquet" in late April, and 6 new products, including Xiangxiang Xiang Xiang Coriander Hot Pot, Xiao Balls Coriander Dafu, and True Fragrance Happy Water, all use coriander as raw materials, attracting a large number of consumers to come and try it; Shanghai Haidilao Hot Pot put on the shelves traditional Shanghai snacks such as pork ribs, rice cakes, and pork with shutters before the "May Day" holiday; Chengdu Haidilao Haidilao upgrades the classic Haidilao small crispy meat, and specially uses the "Fried Palm Treasure" made of chicken knee cartilage, with golden skin and crispy cartilage; The seafood dregs vinegar pot base launched by Haidilao in Shenzhen is golden red, sour and spicy, and the flavor of boiled seafood and beef products is particularly good, which has become a popular pot bottom with a high click rate in stores recently.
Brand Finance has pointed out that Haidilao's brand strength is likely to be related to its innovative approach to customer experience, such as offering free special services such as nail art and board games, so that customers feel happy while waiting for a table. In addition to these services, which have long been talked about by customers, Haidilao's experience innovation, which has been highly praised by Brand Finance, will show a blowout in 2023.
With the arrival of the peak travel season in 2024, Haidilao has launched different outdoor innovative formats in various places, in the form of camping hot pot, night snack stalls, and happy banquets, to bring customers a more relaxed and relaxed holiday life. For example, at the camping base in Fengqiao Village, Hangtou Town, Pudong New Area, Haidilao has created a trendy gameplay of "camping + hot pot + outdoor sports", which has attracted many young consumers to come to experience. Starting from April, Haidilao hot pot stores across the country have also launched four new spring products, and jointly launched a series of activities and peripherals with cherry balls, so that consumers can feast their eyes and enjoy the 'spring on the tip of the tongue'."
A "camping hot pot restaurant" opened by Haidilao Hot Pot
Alex Hagrid, general manager of Brand Finance Asia Pacific, said that the Brand Finance study found that rising menu prices had a negative impact on customer sentiment, leading to a significant decline in the brand strength of major players across the industry. And those brands that stick to the affordable price strategy have seen their brand strength grow year by year, including Happy Bee, Dunkin' Donuts and Haidilao. ”
Part of the report related to Brand Finance
Brand Finance is the core formulator of the international standard ISO10668 and brand evaluation standard ISO20671 for brand value evaluation, and is also the only independent third-party brand value evaluation and consulting agency in the world. The agency determines brand value by evaluating data such as brand strength index, industry franchise rate, and expected operating income of enterprises, and its professionalism and independence are widely recognized internationally and are an important basis for judging global brand value.
David Haigh, Chairman of Brand Finance Group, emphasized in the report: "A strong brand can pay off in many ways for a business. First, a strong brand can help businesses establish a unique identity in the marketplace that differentiates them from their competitors, thereby increasing customer loyalty and retention. This, in turn, can help businesses achieve higher sales. Consumers are willing to pay a higher price for a high-quality, trustworthy brand, and as a result, strong brands can help businesses set higher prices for their products or services. Additionally, a strong brand can help a business attract great talent, as employees are more willing to work for well-known, reputable brands. Finally, a strong brand can help businesses gain an edge in the market and better respond to risks in times of economic downturn or industry turmoil. ”