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Three historical stages of the upgrading of American catering industry

Three historical stages of the upgrading of American catering industry

2019-07-10 343
As investors, we are mainly concerned about the historical trend of development, what types of business and types can be developed under what kind of environment and trends, timing is very important for investment. Today, I want to share with you the lessons that the changes in the American consumer industry have brought to the upgrading of Chinas consumer sector.
First of all, we want to talk about the "investment syllogism":
First, what are facts and history?
Second, what is the difference between China and the United States?
Thirdly, the current reference significance of China.
From the perspective of economic development, we can see that the United States is a mature consumer society.
In the development trend of more than 50 years, the excellent catering enterprises in the United States concentrated in two stages. In the 1960s, they were mainly KFC and McDonalds, and in the late 1980s and early 1990s, they were mainly the new generation of catering enterprises represented by Starbucks and Chipotle.
In the supply stage in the 1960s, the most important thing that happened was the progress of science and technology, mainly the progress of vacuum packaging and fresh-keeping technology, which further improved the efficiency of the restaurant food supply chain. Cattle, sheep and chickens raised centrally in one place could be transported to all parts of the country and kept the fibers unchanged, making them chain restaurants. The emergence lays the most important foundation.
In the demand phase of the 1960s, the fastest growing population in the United States was also the baby boom, with a large number of young forces. Young people are willing to try new things, and they like to work for pocket money. Their first job is often McDonalds, KFC and other fast food restaurants. Fast food restaurants use lower prices to harvest this part of the labor force, and young people will be willing to spend in fast food restaurants after they have the ability to consume. Therefore, changes in population provide a boost to the emergence of fast food restaurants.In the period of rapid economic development in the United States, the social structure has become suburbanized, and the demand for fast food efficiency has been further enhanced. The middle class usually lives in the suburbs. They drive along the road to buy a fast food and take it away immediately. They can finish it in the car. The demand for convenience and efficiency of fast food restaurants is further enhanced.
In the late 1980s and early 1990s, the second batch of catering enterprises were mainly new generation catering enterprises represented by Starbucks and Chipotle.Starbucks has not only catering attributes, but also cultural attributes. Even though coffee is not professional enough, it always gives people a feeling of comfort and grade. From the mentality of consumers, the pursuit of spiritual level began to germinate. In the 1980s and 1990s, social wealth accumulated to a certain extent, the dietary needs of American consumers further increased, and the pursuit of personality was more. Later, the rise of Starbucks in China was a similar logic.
Key words of different trends of American catering in different times:
First Generation Catering: Fast Food, Standardization, Supply Chain Technology Improvement
Second Generation Food & Beverage: Culture and the Spiritual Attribute of the Middle Class
The third generation of catering: healthy and fresh.The current problem facing American society is excessive obesity and unhealthy, and the demand for healthy diet has become mainstream. Obesity accounts for more than 50% of the U.S. population, leading to the rise of gyms and salads and a more healthy lifestyle. Freshness and health have become the main theme of restaurants. Food ingredients are marked with origin, nutritional ingredients and calories.
The past development process of the United States: The catering industry in the United States has developed rapidly in the past 50 years, and two demographic changes have brought about changes in the industry.
Upgrading consumption in the U.S. industry, the average GDP of 10,000 international dollars is the dividing line of the change in the consumption structure of American residents, and the proportion of service consumption appears an upward turning point. International experience shows that when the average GDP reaches about 10,000 international yuan, the residents are all in the relatively affluent stage. The investment of capital, R&D and infrastructure in the early stage will bring returns through the improvement of production efficiency, and the amount of leisure and consumption will increase.The United States reached this level in the 1950s, with a turning point in its consumption structure. Since the 1970s, service consumption in American consumption has exceeded commodity consumption.Chipotle Case: "Fast Leisure" Model
Chipotle has grown very rapidly over the past decade. The menu is mainly burrito / taco / bowl with Mexican flavor. The ingredients are optional.The Chipotle case brings us several investment inspirations:
1. Choose a broad-based subdivision
2. Simple core product line, fast food, explosive products, while providing personalized taste selection
3. Hold on to the thighs of leading enterprises in catering industry
4. Following the Preferences of Young Consumers: Health Oriented, Fresh Making, Focusing on the Source of Food Materials
The mode of opening stores above 5 and 10 + stores is basically clear. Capital injection has begun to enter the stage of rapid expansion.
- Three stages:
1. Technological progress and urban development.
2. The pursuit of cultural attributes after economic development.
3. The pursuit of health after economic and cultural development.
Whats happening in the U.S. catering industry: market feedback on health and obesity.
Changes are taking place in the U.S. catering industry: sales of McDonalds and carbonated drinks have continued to decline, health, power and aesthetics have become popular, and celebrities and supermodels have used social media such as Instagram to amplify the impact of this trend. Every block in New York has its own logo: salad shops, gyms, sportswear brand stores, which form a corresponding small lifestyle circle. The combination of eating, wearing and sports has become an important element of fashion.Millennials enter the main consumption area. Surveys show that the Millennials eat out more frequently. They also prefer fresh, healthy and natural foods, and attach importance to the safety, organic and source of food materials. Unprecedented attention has been paid to the use of the Internet: almost all new health restaurants are vigorously promoting their own Instagram, and through Instagram to become a popular online store.The health of drinks is also a major trend. Coconut water, yogurt and fruit juice are prevalent. Coconut water and Greek yogurt account for an increasing proportion of supermarket shelves. Mixed fresh-pressed fruit and vegetable juice, coffee, sandwiches, cold-pressed detoxified fruit and vegetable juice can be stored in supermarket shelves have become standard matching, and even there are specialized stores.
The second part: the field of leisure food.
Leisure food and catering belong to two different fields. Our team has invested in three squirrels and Jiang Xiaobai Fast Consumption Projects before, and has achieved great success. We have our own thinking in this kind of subdivision field.
1. Monster
Nowadays, there are more single people in society, the consumption scene of catering is more fragmented, and the consumption of snacks will rise. Research videos inevitably talk about Monster, the brightest company in the catering industry in the 21st century. The explosion of energy beverage market, clear brand and crowd positioning and healthy cost structure. Among all industries, it is the fastest-rising stock. The stock returns of consumer food companies are higher than those of Apple, Google and Amazon.
Almost all the fastest-growing food companies have several characteristics: at the beginning, the market was not very good. Because if the market is big and good from the beginning, it is impossible to achieve excess return on investment. The category has developed rapidly. If a segment market is smaller at the beginning and bigger at the end, then start-up companies can take advantage of the east wind of category to grow all the way.
2. Chobani
Chobanis rapid rise has benefited from the upgrading of yogurt market segments and the companys early supply chain and channel strategy.
There is no B2B supply chain in American market, which is caused by Chinas national conditions. In the history of consumer goods worldwide, two companies can achieve between $100 million and $1 billion in five years: Chobani in the United States and three squirrels in China. The growth of the whole yoghurt market is steady. The proportion of liquid yoghurt and Greek viscous yoghurt widens the gap. Among them, the growth of the subdivision area of Greek yogurt is rapid. All the growth of the yogurt Market is basically driven by the growth of Greek yogurt, while the growth of other types of yogurt is basically no growth or even sales are declining.
In the first few years of Chobani, all revenue was invested in the construction of production equipment and factories, constantly upgrading technology to adapt to the rapid development of the market, and no giant companies in this sub-area to do layout, and eventually become a unicorn. The main premise of company growth is the growth of category.
Yoghurt is a real-time consumer area. The offline retail industry in the United States is extremely developed, with nearly 400,000 retail terminals. But in China, there are nearly 4 million offline stores, which are scattered, not large-scale and connected. So in China, the Internet has become the only channel that can quickly reach all consumers. B2B is the format that will emerge only because of Chinas national conditions. Consumer goods sales in the United States can achieve rapid development offline, but in China, it must be offline combined online model in order to develop benignly, which is due to the differences between China and the United States.
3. Green Mountain Coffee
Large market, technological innovation and invention, simplification and standardization of user experience, layout ecology, subdividing the upstream and downstream multi-link profitability of the industry. The products of Green Mountain Coffee are not only coffee, but also coffee machine and coffee cup. It has risen more than ten times in the past ten years, second only to Monster.
The particularity lies in the technological innovation in the mature coffee category to open up a new market. Based on the habit of office and coffee, the process of drinking coffee is simplified to improve efficiency. Green Mountain Coffee Machine can make a cup of coffee with only one click of the matched coffee cup. It achieves its own market by making the difference of simpler and more efficient.
If we can innovate and differentiate in mature markets that have been proved to be in demand, and cut in from the angle that the giants have not taken into account, we may succeed in a reverse attack. Therefore, as investors, they are unlikely to invest in particularly innovative categories, such as energy bars, substitutes, protein flour, which are unproven, fresh and unproven markets.
Secondly, the giant has done a good job of category, because it is not meaningful to improve the product from 80 points to 85 points.
Summary of the Trends of the Food Industry in the United States: Targeting at the Primary Market
1. The common characteristics of the fastest-growing enterprises: differentiation within mature categories.
For example: beverages energy drinks, yogurt Greek yogurt, coffee capsule coffee, these are all points that can be differentiated.
If you can prove that there is a mature market demand, and you can make certain innovations and differentiations, you can be more successful from the point that the giants have not considered.
2. Soft addicts in leisure foods are more likely to go beyond long periods.
Soft addicts include caffeine properties, such as coffee, tea, chocolate, energy drinks, etc. Tea is very popular in China because of its characteristics. Soft addicts have a high degree of user stickiness, so the long-term purchase of users makes the sales cost of enterprises lower and lower.
3. The new lifestyle of the millennial generation is an important driving force for the development of the food industry.
The products that young people like are more marketable. Young people like to accept new things, have great influence on communication and have strong consumption capacity, which will make the products more viable.


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