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1、Anita Yiu +852-2978-7200 | Goldman Sachs (Asia) L.L.C. Sho Kawano +81(3)6437-9905 | Goldman Sachs Japan Co., Ltd. Timothy Zhao +65-6654-5771 | Goldman Sachs (Singapore) Pte SoYoung Lee +852-2978-7098 | Goldman Sachs (Singapore) Pte consumer in the form of delivery and targeted locations stand to
2、 benefi t, in our view. 3) Millennials on cooking: No thanks, not yet - 35% of respondents in a Tencent survey were willing to rent a home without a kitchen. When eating out, experience is now the top ranked factor for restaurant choice, surprisingly above food safety, which is probably why Luckin c
3、omplements its delivery stations with full-service stores. Key stocks Elevator advertising giant: Focus Media (Buy)n Conveniently located snack stores: Zhou Hei Ya (Buy)n Clear delivery strength: Yum China (Neutral)n Food delivery (Ele.me): Alibaba (Buy, on CL)n What else surprised us this month Tra
4、vel to Korea +13% yoy in March, the fi rst positiven print since the group tour ban in 2017 . We expect continued rebound ahead. We also expect outbound travel to HK to remain healthy at +MSD in 2018E. China Consumer Pulse Check: From 0 to 5mn: What the explosive growth of one coffee brand reveals a
5、bout Chinese consumers 16 May 2018 | 4:59PM HKT 3 trends relevant for advertising, retailing and food services In just 7 months, Luckin Coffee (Privately held) has catapulted from nonexistence to selling 5mn cups of coffee in the 4-month trial operation period ending May 8. We do not take a view on
6、the longer term success of its business model, but we think the brands surging popularity highlights three trends that are relevant for our covered companies: 1) Getting attention: Real world presence (still) critical - Theres no doubt that digital marketing is important, but we believe it would be
7、a mistake for companies to ignore offl ine presence. In particular, Luckin highlighted that elevator advertising (industry +c.20% yoy in 2017) has helped it rapidly build brand awareness. We also expect more development in New Marketing with the growing integration of online and offl ine worlds. 2)
8、Convenience: Bringing products to consumers - Luckin management fl agged the lack of convenience as a key pain point for todays coffee customer. Indeed, considering Chinas long working hours and commuting time, convenience is valued, increasingly expected and uniquely affordable among consumers in C
9、hina (US$0.8 delivery fee). Companies that bring their products to the Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the fi rm may have a confl ict of interest that could affect the objectivity of this report.
10、Investors should consider this report as only a single factor in making their investment decision. For Reg AC certifi cation and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affi liates are not registered/qualifi ed as research analysts with FINRA i
11、n the U.S. Premium cosmetics companies continue to go from strength to strength. Shiseido (Buy, on CL)s China/HK cFX salesn accelerated to +27% yoy in 1Q18. Visit our portal to see our full coverage. 16 May 2018 Goldman SachsChina Consumer Pulse Check What we can learn from Luckin Coffees sudden suc
12、cess with young offi ce workers Founded just 7 months ago, Luckin Coffee has become very popular amongst young offi ce workers in Chinas top cities. According to the company, it sold 5mn cups of coffee to 1.3mn consumers in the 4 months ending May 8; by end of May, it expects to have 525 points of s
13、ales, eclipsing Costa Coffee, which has been building its China presence over the last 12 years. How did this happen? Luckin Coffee appears to have taken a page from the internet playbook: the company is aggressively investing in customer acquisition and scale with subsidies and advertising, and pos
14、itions itself as a disruptor - bringing lower prices and greater convenience to the coffee experience. It also has a laser-focus on young offi ce workers: 84% of its Beijing POS are in offi ces and malls in commercial districts and the company is also launching enterprise catering services. While we
15、 do not take a view on the sustainability of this business model, we think the brands popularity highlights 3 key trends with Chinese consumers that are relevant for our covered companies: Getting attention: Real world presence (still) critical1. Convenience: Bringing the product/service to the cons
16、umer2. Millennials on cooking: No thanks, not yet3. Exhibit 1: Luckin Coffees explosive growth since October puts it at #2 in terms of POS CompanyStarbucksCosta CoffeeHeyteaCoffee BoxLuckin Coffee Country of OriginUSAUKChinaChinaChina Year started in China1 19992006201220152017 # stores/POS2 3,236c.42084100+525 Price3 Rmb 31 (US$4.9)Rmb 34 (US$5.4)Rmb 30 (US$4.7)Rmb 28 (US$4.4)Rmb 24 (
