The content of this article is compiled from Guosheng Securities "current Tea Research: quantity increases motivation, Xi Cha & Nai Xue Barrier Construction, Development is expected"
Niuniu knocked on the blackboard:
In order to conduct an in-depth study of the current tea industry from the perspective of consumer behavior, Guosheng Securities conducted consumer research by issuing questionnaires and conducting store research. The purpose of the report is to address: the driving factors for the future development of ① 's current tea industry; the discussion on the core competitiveness of ② high-end tea leader; and the multi-angle comparison of ③ Xi Tea, Nai Xue brand, stores and so on.
Track analysis: the penetration rate and consumption frequency increase, and the quantity increases.
① currently made tea has a consumption basis in China, and its penetration rate is high:Among the consumers who participated in the survey, 70% of the consumers had consumed ready-made tea in the past year, and nearly half of the consumers surveyed began to consume ready-made tea three years ago and formed consumption habits.
② penetration is expected to increase gradually in the future:Within 3 years, 30% of consumers began to consume ready-made tea drinks after being attracted by the development of well-known brands and store expansion. among those who did not consume ready-made tea drinks, nearly 40% of consumers showed that they wanted to consume ready-made tea drinks.
The current tea consumption frequency of ③ is expected to increase:Over the past year, nearly 40% of consumers have increased their current tea consumption frequency due to factors such as product taste and the increase in the number of stores, while 20% to 30% of consumers have reduced the current tea consumption frequency due to concerns about weight management and health. on the whole, the consumption frequency is expected to increase gradually.
④ track comparison:The current coffee is more addictive, and the proportion of high-frequency consumers is higher, but the penetration rate of consumers involved in the survey is lower than that of current tea drinks. From the perspective of consumer portraits, the age and income of current coffee sticky groups are higher than those of current coffee sticky consumer groups.
High-end tea: product-based, brand building barriers
① products are based, and products are the core drivers of purchase decisions.
From the perspective of driving factors: with the rise of the price band, the importance of convenience in the purchase decision of each price belt decreased significantly, and the product became the most important factor in the purchase decision of mid-and high-end tea consumption of more than 15 yuan.
From the product point of view: the popular style effect of the head brand is outstanding, the brand is deeply bound, and the R & D team is perfect, superimposing the advantage of the number of members and stores it has formed. for the industry's new products, new trends can quickly respond and product promotion, so as to form a competitive advantage for other new brands and new products.
With the formation of ② brand cognition, there are differences among user portraits of different brands.
The current tea head brand has formed a strong consumer awareness, more than 70% of consumers mainly buy their favorite brands, cross-track to see the current coffee and tea brand loyalty does not show a significant difference.
Sub-brand point of view: happy tea because the products and brands are the most preferred brands among high-end tea consumers. Among the consumers who prefer Nai Xue, the store rest space can be bought with baking to take into account the important weight, and the differential impression is initially formed.
According to the user profile, the proportion of post-85 users and male users who prefer Nai Xue is higher than that of happy tea and happy tea, and the consumers who need to eat in a restaurant and form a baking habit account for a higher proportion. There are some differences in user portraits and user preferences of different brands due to their different products and brand positioning.
Comparison of ③ stores: Xi Cha standard store takes the lead, Xi Cha and Nai Xue new stores all have eye-catching performance.
Standard store: the operating profit margin of Xi tea standard store is about 10% higher than that of Nai Xue, and the flat effect and human efficiency of Xi Cha are obviously higher than that of Nai Xue.
Comparison of new store types: Xi Cha Go store is completely light and convenient, and the income reaches about 60-70% of the standard store on the basis of great savings in area and personnel; the area of Nai Xue PRO store is more economical and the existing baking area is reduced, so the staff is not significantly saved, but the overall income can reach the standard store level. Both of them have greatly improved in efficiency and profitability compared with standard stores.
④ baking and the third space discussion, optimistic about the new store type of PRO.
Compared with the lack of business scene of current coffee, the third space is more difficult to build, and the cost of personnel and rent is higher.
From the perspective of baking, according to store research, baking can become the attraction point of existing tea stores, so we are optimistic that the new Naxue PRO store will improve efficiency while retaining the differentiated brand concept of baking and the third space, and the store is more profitable.
Risk Tips:
1) the deviation of the survey sample; 2) the store survey data are not representative.