Jinwu Financial News | Goldman Sachs's latest research report shows that the growth rate of China's restaurant industry slowed again in October 2024. Despite improvements during the National Day, the post-holiday same-store sales growth rate (SSSG) declined again, indicating that weak demand still exists. The growth rate of retail food and beverage sales in October was 3.2%. Among them, the year-on-year growth rate of large-scale catering services declined to -0.3%. Although Haidilao's table turnover rate improved during the National Day, the situation after the holiday was similar to September. The Jiumaojiu brand's same-store sales growth rate recovered during the holiday season, but slowed again after the holiday season. The overall performance in October was similar to that of September. In terms of pricing, many brands were more cautious in terms of promotion. Haidilao's average selling price (ASP) remained stable, and the Jiumaojiu brand's ASP increased in the second half of the year.
The report points out that although some catering brands attracted customers through promotions during the holiday season, demand recovery after the holiday season was not strong. Furthermore, promotions launched by some brands during the holiday season did not continue after the holiday season, indicating that the market is more price sensitive. On the competitive side, Goldman Sachs has observed that competition in the fast food industry has not intensified, while brands like YUMC and McDonald's continue to provide more value to consumers. In the coffee industry, mass market pricing strategies have remained stable, but brands with higher ASP continue to face price pressure. Goldman Sachs also noticed that some brands plan to speed up store openings in the future, which may have an impact on the market pattern. Despite this, Goldman Sachs does not expect the long-term growth trend of the restaurant industry to change in the context of macroeconomic recovery. While maintaining competitiveness, brands need to pay attention to cost control and operational efficiency to achieve sustainable development.
