Bubble Tea economy
Bubble tea has much more potential value than you expected.
Probably you never had the experience to queued for hours just for a drink, because it looks ridiculous. But if you are a merchant, you should think about the high profits behind bubble tea.
Drinking bubble tea already become a modern life style for young generation, and it is brewing in the UK now.
Marco Getaghty, founder of National Tea Day said that Bubble Tea is becoming increasingly visible on the streets of UK cities.
“It is very much in keeping with the general transition towards tea being used as part of an inspirational experience for consumers,” he said.
“Bubble Tea provides consumers with a social media friendly product which is a far cry from a traditional cuppa. This trend is reflective of the versatility of tea and how it can be used outside of just a hot beverage to get consumers excited and generate higher yield.”
According to a new report published by Allied Market Research, titled, Bubble Tea Market by Base Ingredient, Flavor, and Component: Global Opportunity Analysis and Industry Forecast, 2017–2023, the global bubble tea market was valued at $1,957 million in 2016, and is projected to reach $3,214 million by 2023, growing at a CAGR of 7.40% from 2017 to 2023.
The black bubble tea segment accounted for more than 42% share of the global bubble tea market in 2016.
Bubble tea basically is tapioca with tea beverage, is cheap to produce, besides hardly any training is required for the part-timers making a bubble tea. In England, some international students will make it to sell to earn extra money.
It’s more than a drink
So far at the market you will not only find bubble tea flavour ice-cream, cake, even there’s bubble tea piazza!
Domino’s in Taiwan launches a bizarre dessert ‘bubble tea’ pizza — complete with black sugar pearls, honey and cheese. There are so many innovations happen on pizza, believe it or not, there’s also have durian pizza — It could be a myth if durian pizza be popular in the UK- however, bubble tea pizza worths a shot.
For a bubble tea store, the difficult thing is to keep the turnover actively. Some store are not only selling bubble tea, but their idea and slogan. Heytea is the first bubble tea brand without using tea powder, but cheese-capped instead. Their target customers are between 20 to 30. They think spending 30 RMB(about £3.5) to enjoy the drink is acceptable.
Such as bubble tea, hot pop is also taking the China storm by selfie-snapping customers. Even in a boiling summer, young people still will go have hot pop with chilli oil and countless pepper.
Haidilao is a one of the famous hot pot of their good services.
Zhang Yong is the founder of Haidilao, he focused his margins on adding value for the customer. In China, this comes in the form of complimentary manicures, chair massages, shoe shines, and even car washes.
It’s not related to enjoying a meal, but they do impact a customer’s willingness to return. Selling services to get a good reputation is the reason why they become a cyber celebrity brand.
