The Covid-19 pandemic has changed consumer habits globally, with online shopping and take-outs becoming the norm. How has it impacted consumers in China and Hong Kong? To find out, DBS Group Research launched online surveys across China and Hong Kong to gauge post-pandemic consumer behaviours. The results reconfirmed key trends on channels, health awareness, and food safety.
Changing consumer preferences will likely favour capable and sizeable companies riding on agile business strategies as they have the ability to adapt more quickly than smaller players. Given the emerging trends, we remain positive on 2022 full-year performance across the stocks we like as they are well positioned to ride the post-pandemic trends.
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Chain stores
Yum China and Café de Coral are poised to benefit from the rising trend of dine-out and takeaway.
Yum China has ramped up store expansion with smaller store sizes to increase penetration across lower-tier cities, while Café de Coral has adapted quickly to ride on takeaway orders.
F&B manufacturers
China Mengniu and Yili are two of the key beneficiaries of increased health awareness among consumers. Others like Uni-President and China Foods will also benefit.
Categories such as UHT milk and pastuerised milk have seen stronger demand versus yogurt and milk beverages which are considered less healthy, and packaged food demand remains buoyant on potential resurgences of Covid-19.
Sun Art are among the few food retail franchises that are well positioned to tap into both online and offline consumption.
Backed by Alibaba, Sun Art has increasingly built an omnichannel model that sees strong e-Commerce and online-to-offline (O2O) sales. The company’s flexibility to strategise online, O2O, and offline businesses will be key to sustain its industry leading position in China.
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