Growth opportunities under channel diversification
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Volume snack shops and other offline formats continue to implode in terms of snacking value for money, providing growth opportunities for brands.
As of October 2023, the number of snack collection shop outlets in China exceeded 22,000 [78], and Snacks are Busy, as the head brand, opened more than 4,000 shops in six years, and the number of shops has exceeded 6,500 after the merger with Zhao Yiming, holding the top spot. Wanchen Bio (with Haoxin brand snacks as its main focus) follows with more than 4,000 shops, and the number of shops of waist brands such as Love Snacks and Sugar Nest is mostly in the range of 500-2,000 shops.
The hotness of mass-market snacks cannot be separated from the underlying logic of hard discounts. By reducing distribution links and saving entry fees, mass-marketed snacks have lowered the average price of goods, with snacks are busy, for example, 40g of Lay's crisps are priced at 2.9 yuan, which is 1-2 yuan cheaper than supermarkets and convenience stores. [80] On the basis of low gross profit to attract customer flow, superimposed on high turnover and scale effect, mass-marketed snacks have become one of the most dynamic channels.
The hotness of mass-market snacks has also earned growth for snack brands. Against the backdrop of Snacks is Busy becoming the number one customer, Yantian Puzi's revenue in the first three quarters of 2023 increased by 52.54% year-on-year. [81] Other brands that have laid out mass-marketed snacks, such as Gan Yuan Foods and Jin Zai Foods, saw their net profits increase by 139.21% and 47.49% year-on-year in the first three quarters of 2023, respectively. In addition to strengthening channel co-operation, snack brands have also begun to invest in the mass-marketed snacks channel. in December 2023, Goodwill and Yanjin Puzi co-invested in Snacks Very Busy for 1.05 billion yuan.
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