Articles by 清和社长

The Great Consumer Shuffle

Data from the Beijing Statistics Bureau shows that in the first half of 2024, the total profit of Beijing's catering industry above designated size (i.e., annual revenue of over 10 million yuan) was 180 million yuan, a year-on-year decrease of 88.8%, with a profit margin as low as 0.37%. Related news that went viral was that Din Tai Fung, a 'Michelin-level' dumpling restaurant, announced it would close 14 stores in Beijing, Tianjin, Xi'an, and other places by the end of October this year. In fact, high-end dining is just the tip of the iceberg. Due to increasing downward pressure on the economy, insufficient effective demand, weakening market expectations, cautious consumer spending, and sluggish market prices, the entire consumer market is undergoing an unprecedented reshuffle.