The founder of Banu said that it is more expensive than Haidilao, so the quality of customers is high! "The quality of waiters cannot be lower than others" [with analysis of the prospect of the catering industry]

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In the fiercely competitive hot pot market, Banu hot pot has successfully opened up a path of its own with its unique business philosophy and persistence.

Recently, Du Zhongbing, the founder of Banu, said that the recruitment and training investment of Banu partners is very large, because it is more expensive than Haidilao, and the quality of the consumer group is higher, so the quality of the waiter cannot be lower than "people". "We need to start from product pricing and match services." Du Zhongbing emphasized.

However, he also made it clear that Banu was against overzealous service. For example, he said: "In a shopping mall, as soon as a customer comes up on the elevator, a waiter runs to the elevator entrance, makes a 90-degree bow, and then asks if he wants to eat hot pot...... Banu won't do that. Du Zhongbing believes that this kind of overly enthusiastic service may make customers feel uncomfortable, which in turn will affect the dining experience. He stressed that Banu's service should be just right, natural and comfortable.

In the early days of Banu hot pot, it was when Haidilao swept the market. In the face of strong competitors, Banu chose Haidilao as a benchmark brand, but did not simply imitate its business model. On the contrary, Banu played the slogan of "service is not our specialty, hairy belly is", and took quality ingredients as the core competitiveness of the brand. This strategy allowed Banu to stand out in the red sea of hot pot and create a path of its own.

Since its inception, Banu has been constantly upgrading and improving, but the core has remained the same: focusing on quality and insisting on ingredients. Earlier, Du Zhongbing shared the successful experience of Banu hot pot business for 22 years: insisting on high costs, insisting on producing good things, and insisting on giving customers a better experience.

Hot pot is one of the segments of the catering industry in mainland China

chafing dish

As a catering culture with strong regional characteristics, it is deeply loved by consumers. With the continuous development of the mainland economy and the improvement of people's living standards, the hot pot market has expanded rapidly, and various hot pot brands have emerged. Whether it is the traditional Sichuan hot pot, Chongqing hot pot, or the new spicy hotpot, string of incense, etc., they have been favored by the majority of consumers. At the same time, with the upgrading of consumption and the diversification of consumer demand, the hot pot market is also constantly innovating, and various flavors and styles of hot pot have been launched to meet the needs of different consumers.

The frequency of hot pot consumption is high

The hot pot market is the market segment with the largest share of the domestic catering industry. From the perspective of consumer consumption frequency, more than 45% of consumers said that they would eat hot pot several times a month, and the proportion of consumers who ate hot pot no less than twice a week also reached 27.9%.

Gatherings of friends are the main consumption scenarios

From the perspective of consumption scenarios, 57.4% of consumers said that they chose hot pot because of the purpose of gathering friends; 52.9% of consumers said it was for family gatherings.

Half of the consumers tried hot pot takeaway

For consumers who prefer to eat hot pot at home, hot pot takeaway has become a good solution, and the emerging market of hot pot takeaway came into being. According to the survey data, 57% of consumers in mainland China have tried hot pot takeaway, while 78% of consumers who have not tried it said they are interested in trying hot pot takeaway.

In the future, the market size of the catering industry will exceed 7 trillion yuan

With the opening of the epidemic, the catering industry continues to grow, and the future development will become more rapid. It is estimated that by 2028, the size of the mainland catering market will exceed 7 trillion yuan.

Wang Yanhai, an analyst at Minsheng Securities, pointed out that in the past 20 years, the mainland hot pot base market has maintained a high growth rate of 20% (factory caliber). In terms of penetration rate, per capita consumption, etc., the industry is still in the early stage of growth. In this process, the industry competition is fierce, but the industry pattern is slow and concentrated, which also accelerates the process of clearing small workshops, so that the industry's head brand is gradually formed.

CITIC Securities released a research report pointing out that the growth rate of the catering industry tends to be stable, and the performance of enterprises is differentiated, and it is recommended to pay attention to the catalytic role of the hot pot category in the peak season in the short term. At present, it is in a period of valuation switching, and from the perspective of growth, the valuation of the catering industry has fallen back to a low level, and the attractiveness of the allocation has gradually increased. Among different categories, the bank recommends a cheap coffee track with strong dividends and upward brand momentum.

Prospective Economist APP Information Group

For more research and analysis of this industry, please refer to the "China Catering Industry Development Prospect and Investment Forecast Analysis Report" by Qianzhan Industry Research Institute

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