National self-confidence makes consumers identify with Chinese culture deeper than ever, and Chinese food brands will rise rapidly in the process.
From October 19 to 21, 2021, Guochao Industry New Media Guanchao New Consumption, together with Zhejiang Time-honored Enterprise Association, Beijing Time-honored Association and Beijing Centennial Ruixiang Cultural Development Co., Ltd., held the "National Tide Rise , All Things - 2021 National Tide New Consumption Conference" at the Huanglong Hotel in Hangzhou.
At the meeting, Wang Xiaolong, Managing Director of Hony Capital and CEO of Baifu Holdings, shared a wonderful sharing with the theme of "National Tide Brand Promotes the Golden Age of Chinese Catering".
Baifu Holdings is a multi-brand "new" catering platform with digitalization as the core created for Hony Investment. At present, Hony and Baifuku have jointly invested in 14 brands, including Hehegu, Xin Spicy Dao Fish Hotpot, Pizza Mashanno, Kwon Jin Cheng Grilled Meat, Quan Wei, Meet Small Noodles, Seesaw Coffee, Pot Zai Huang, Yue Xiao Pin, Mui Nai Xiao Guan, West Young Master Meat Sandwich Bun, Da Fran, Fu Ke Spicy Hot, Lustful Pie Salad, etc. Among them are more than ten national tide brands.
The following is the transcript of the speech, edited by Guanchao New Consumption (ID: TideSight):
Today I mainly share my understanding of the trend of national tide under the upgrading of the catering industry and brands, and some of the different things we have done. I believe that everyone here can feel the heat of the national tide, but in the national tide culture, which category is the favorite of young people? The answer may be somewhat unexpected. According to the data of the Aurora Survey, among the various traditional cultural categories, the most favorite of young people is traditional food, with a proportion of nearly 70%.
How big can the new national trend of catering be? In the past year or two, catering has become a very popular track, and many people are concerned about whether this trend will continue and what kind of situation it will show in the future. We believe that within ten to twenty years, catering will inevitably become one of The Core Service Industries in China.
But from the perspective of enterprises, China's catering enterprises to today, its volume scale is much smaller than the largest catering brands in developed countries, and now the market value of the largest locally recognized catering brands is about 4-5 times different from McDonald's and Starbucks, and we believe that this is the space for Chinese catering. Therefore, China's catering industry is big and big, and today has ushered in a very good opportunity for development.
We see that national self-confidence makes consumers identify with Chinese culture deeper than ever, and Chinese food brands will rise rapidly in the process. It is foreseeable that whether it can meet the consumer demand of young people in this era is a key element of brand competition, and after the big wave, the concentration of the catering industry will rise.
Baifu Holdings began to invest in the layout of the catering industry three or five years ago, we formed a cross-regional, multi-category, multi-format brand portfolio through investment, and through our operational empowerment and digital empowerment to create a multi-brand new catering platform enterprise with digital operation as the core.
There are many new national tide brands in the projects we have invested, including classic national tide brands such as the well-known Chinese fast food and Hegu, the national barbecue power Jincheng, and the new brands with distinctive Chinese style elements such as small noodles, pot king, Fuke spicy hot, and big fran rice noodles. Seesaw Coffee of the Momofuku family was awarded the honor of "Chinese Coffee Business Card" and became the representative of the national tide in the coffee industry. It is worth noting that The Young Master Xi, who himself is not only the representative of China's cutting-edge national tide brand, but also the soft power represented by Chinese catering culture has been pushed overseas, its first store in Canada is widely popular in the local area, the meat sandwich bun is used as a Chinese hamburger, and the cold skin is used as a Chinese salad. At present, the revenue of this store is comparable to that of the Internet celebrity burger brand Shake Shack.
(Part of the National Tide Brand Display of The Momofuku Family)
While making investments, we also do a lot of work in operational empowerment. For example, the new spicy fish hot pot, we launched a young sub-brand "Flipping River Fresh Fish Hot pot", "Flipping The River" means turning the river into the sea to find fresh fish, which is a kind of Nezha spirit, and its store staff are also tied with Nezha's double hair bun, which is very national tide. Its first store has become a place for Internet celebrities to punch cards, gathering at Beijing's West Red Gate to welcome everyone to punch in.
For example, we have a chain restaurant brand called "Pizza Marshanno", which was once the largest restaurant brand in the UK, but after landing in China, we helped the brand carry out a series of localization attempts. Roast duck pizza was first launched nationwide and is currently very popular. This is the idea that Western brands need to be combined with local traditions when they land, and we feel that the national tide style should especially penetrate into Western food.
The National Tide brand is the future direction, and as an empowerment platform, We believe that the most attractive opportunity in this industry is digitalization, which is also our future direction. Today, the scene of catering consumption has undergone great changes, in addition to dine-in, there are takeaways, new retail, and many brands are breaking through in these directions. Because it is difficult for catering under the limitation of time and space to become bigger and stronger, under the trend of online and offline integration, it is not enough to make a brand bigger if it is only online or offline alone. Brands must know how to do public and private operations, and Momofuku is determined to do this.
However, the restaurant industry has not been recognized by capital in the past many years. Because it is easy to open several stores and do well, many internet celebrity stores did well at the beginning, but then did not become bigger, the core reason is that once the catering brand becomes bigger, the challenge of operation management is very large, and it is difficult to provide accurate personalized services.
But now the infrastructure of the industry has changed a lot, especially driven by the mobile Internet, the catering industry can fully find a way to use digital means to meet the personalized needs of customers, so we believe that now is the opportunity for the catering industry to overtake in the corner.
At the end of the day, we are a company with an investment background as a physical platform, and we are committed to making these catering brands bigger and stronger in China first, and when the opportunity is ripe, we will lead them overseas and promote Chinese food culture to the world.
Thank you.