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S: Hello everyone. Welcome to CBN Friday Special. I’m Stephanie LI.

R: I’m Zhang Ran. Hey Stephanie, a new milk tea shop opened yesterday right down our office building, do you want to get a cup of bubble tea now?

S: I’d love to, but we’re in the middle of the show. 

R: No worries. It takes orders on its mini-program on WeChat and takeaway tea will be delivered to you in no time. See, it’s all done!

S: Fantastic, and quite convenient. While waiting for our tea to be ready, let’s talk about the new beverage phenomenon in China. Milk tea, or known as bubble tea, has become somewhat of a national obsession and a booming business in China. For example, in April 2021, Sexy Tea, a viral tea brand based in the central city of Changsha, opened its first pop-up store in south China’s Shenzhen. The arrival, even though only temporarily, was met with unreserved enthusiasm among that city’s young, well-to-do residents. At one point, the line to enter the store grew so long that local traffic cops had to intervene, and shrewd scalpers were able to resell a 16-yuan cup of the store’s signature milk tea for upward of 200 yuan.

But recently, the so-call “new-style tea” market is getting increasingly crowded and competitive. Its popularity has fuelled many retailers whose main activities lie elsewhere to open milk tea stores to generate extra revenue and attract more customers, as drugstores, supplement makers and even postal services throw in their hats. Last month, two leading upscale brands HeyTea and Nayuki, both originated in Shenzhen, announced to cut their prices, while China’s milk tea industry sees overall inflation of costs. 

So what do you think, Ran, is it just a “bubble” economy?

R: Good question. In fact, it’s hard for milk tea stores to survive amid fierce competition in the industry. Nayuki announced last month 135 million to 165 million yuan of net losses in 2021, while its shares have tumbled over 60 percent after debuting in the Hong Kong Stock Exchange in 2021. And the popular beverage chain Sexy Tea was complained by its staff for lowering the salary after halting about 80 stores in 2021, while HeyTea scrambled to defuse rumours on a massive layoff as it is reportedly preparing for an IPO.

S: Like many other businesses in the food and drink industry, milk tea brands are also hard hit by the pandemic, with Sexy Tea shutting down dozens of its physical stores across the country last year, and the Guangzhou-based Lelecha closed its last store in the city last month, due to declined revenue and increasing cost in raw materials, on top of the impact of the ongoing pandemic, which has made any catering service rely heavily on takeaway online orders as their lead revenue format.

R: Although the number of businesses is fast-growing, there's an increasing number of firms shutting down. For individuals who want to start a business, data shows that tea drinks stores are among the business choices that are most likely to fail. The average life span of tea drinks stores is less than 14 months, half of that of coffee shops. Data from a food and beverage industry research institute shows that 65 percent of the stores couldn’t survive the first year. Analysts conclude three main reasons for the stores’ failures, including severe product homogenization, supply chain shortage, and lacking innovation. 

S: Nonetheless, hot money continues to flow into the industry. Investment into tea drink makers hit a 10-year peak in the first six months of 2021, with more than 5.3 billion yuan flowing in, according to Chinese Venture magazine. There are a few reasons behind investors’ passion in tea. First, tea drinks contain addictive substances like caffeine, which also helps people feel happier and less tired. Second, the classic combination of caffeine, sugar and fats is what our body desires, regardless of health. Last but not least, tea is more popular and widely accepted in China than coffee, as the tea industry has a market scale five times bigger than that of coffee. But the industry is at a crossroads where it must contend with over competition and an investment frenzy.

R: You’re right. The mania of investment could easily create a bubble in the market, while what tea brands should pay more attention to, is how to improve their products and services in order to rebrand themselves as healthy, tasty food providers. Because preferences have changed, with more Chinese consumers concerned about food safety and health. Typical milk tea consumers, 70 percent of whom are millennials and Gen-Zs, care most about the quality and safety of tea drinks, a survey by CBNData shows. 

S: Apart from a trend to eat and drink healthier, customers are more price-sensitive in wake of the pandemic. So the latest price cut of HeyTea and Nayuki is deemed to be a move to reposition itself as a more affordable drink brand, with a decent profit gain laying the foundation. Such a move strengthens their positions in a time other brands have weakened, with their most ardent consumers naturally delighted to get the same high-quality product for less cost.

R: Also, in order to be more attractive to Gen-Zs, beverage brands are putting more effort in digital construction, ranging from online ordering services to virtual humans. For example, Nayuki released its first virtual brand ambassador NAYUKI in December last year, together with blind boxes, art toys, and NFTs of the character, raking in 190 million yuan in 72 hours.

S: Analysts also suggest that brands could expand the “social functions” of their products, as data shows that 46 percent of the Gen-Z consumers buy tea beverage drinks to connect with their friends, lovers, and colleagues. HeyTea is trying to do so by starting live-streaming shows, which aims to tell stories of the brand and arouse consumers' empathy. 

R: Right. Oh look Stephanie, our milk tea order is on its way here. So before we end, a quick look at the stock market. Chinese stocks closed lower on Friday as the CIPS and oil and gas sectors recorded losses. The benchmark Shanghai Composite lost 0.96 percent and the Shenzhen Component was down 1.37 percent. The Hang Seng Index tumbled 2.5 percent, dragged by the TECH sector.

你今天喝茶了吗？

如今“靠奶茶续命”成了不少年轻人的口头禅，这种脱胎于源远的传统茶文化的茶饮，当人们第一次将牛奶加入到茶汤中，仿佛打开了新世界的大门。然而，随着新式茶饮店如雨后春笋般地涌现街头巷尾，茶饮行业的赛道也日渐拥挤。

前有茶颜悦色裁员风波，后有喜茶被传大裁员，虽后者立即进行了澄清，但行业的困难可见一斑。据了解，有不少年轻人创业首选就是新式茶饮，但同时这也是失败率最高的赛道之一。

2022年2月23日，茶饮品牌乐乐茶的广州最后一家门店正式闭店。至此，从2018年在广州双店齐开后不到四年，乐乐茶退出了华南地区的新茶饮市场。在此之前，乐乐茶已经关闭了西安等地的其他门店。乐乐茶方面表示，关闭其他地区门店，是为了集中精力聚焦华东市场，扎实自身基础。

乐乐茶撤出的华南市场，也是另外两家茶饮巨头喜茶、奈雪的茶的大本营。两个茶饮品牌都起源于广东深圳，在乐乐茶撤出后，它们相继宣布饮品降价。喜茶宣布饮品价格下调5-25元不等，全面“告别30元”。紧接着奈雪的茶也调低了售价，大部分产品价格低于30元。

近年来，茶饮品牌的竞争越发激烈。被称为“茶饮第一股”奈雪的茶发布公告称，预计2021年净亏损约人民币1.35亿元-1.65亿元。而此前3年奈雪已经亏了3亿有余。去年，茶颜悦色经历了3次集中关店，仅11月就关闭了长沙78家门店，其后又实施降薪，引起员工不满。

除了头部品牌，还有大量年轻人选择新式茶饮进行创业，但这也是最容易失败的创业选择之一。餐饮行业大数据研究机构《餐宝典》发布的一份报告称，在目前公开转让的餐饮店中，茶饮店寿命最短，平均寿命只有13.63个月，是咖啡店寿命的一半，且64.7%的茶饮转让店未能撑过1年。

分析认为，造成这一现象的原因主要有三个：第一，产品同质化严重；第二，单体店供应链缺失，易出现品控缺失；第三，亟需创新力，一旦新品节奏跟不上，就容易造成用户流失。

虽然从单店或初创品牌来看成功率很低，但从新式茶饮行业逻辑上看却是空间广阔。首先，新式茶饮具备轻度成瘾性基础。茶饮中的茶成分里有茶碱、咖啡碱、可可碱，具备振奋精神、消除疲劳等功效时也有一定的成瘾性。

其次，茶饮中的“咖啡因+糖分+脂肪”的组合能够容易使消费者感到愉悦。再次，对比咖啡市场，茶在中国消费者心中具备更高的接受度和心智地位。据艾瑞咨询的数据显示，2020年，整个茶市场在非酒精饮料市场中的占比为同期咖啡市场规模的6.3倍。

分析认为，对于茶饮品牌来说，新的契机在于抓住Z世代。以95后、00后年轻群体为主的“Z世代”已经成为茶饮的主要消费者。为了抓住这一目标消费群体，茶饮品牌正在“数字建设”、“社交属性”两方面发力。

在数字建设方面，除了加快线上数字化转型，开启远程点单业务，更要通过数字化对品牌赋能。例如，2021年12月7日，奈雪6周年生日季，全新品牌大使——NAYUKI（虚拟人物）登场，并以“直播+盲盒+潮玩+数字藏品”多元营销途径72小时斩获GMV1.9亿元。

而在社交属性方面，美团数据显示，95后喝奶茶，有46%是为了联络朋友感情，包括办公室的同事下午茶、情侣约会等。为强化这一属性，喜茶也尝试了制作直播内容，通过介绍产品故事，赋予品牌温度，达到与消费者“共情”。

最后来看一下今天股市收盘情况。周五A股低开，沪指跌0.96%，深成指跌1.37%，创业板指跌1.55%。行业板块方面，油气、CIPS等领跌。恒生指数收跌2.5%，恒生科指跌超4%续创新低。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI, ZHANG Ran

Writer: Stephanie LI, ZHANG Ran

Sound Editor: ZHANG Ran

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

Presented by SFC

编委:  于晓娜

策划、编辑：李艳霞 

播音：李莹亮、张然

撰稿：李莹亮、张然 

音频制作：张然

设计：郑文静、廖苑妮

21世纪经济报道海外部 南财音视频部  联合制作

南方财经全媒体集团  出品