Reported 10 months ago
According to The Economist, local fast food chains in China are rising to defeat Western giants like McDonald's and KFC, citing two main reasons: China's economic slowdown leading to 'downgrading consumption' and a comeback from second and third-tier cities. The report highlights local chains incorporating regional cuisines like Beijing roast duck or mapo tofu instead of beef, proving successful by opening numerous new outlets. These chains offer competitive prices, targeting less affluent areas where residents are willing to spend more on food and beverages, outshining foreign competitors. The trend is changing consumer behavior in the Chinese market.
Source: YAHOO