Kunpeng plans Luckin Coffee, which used to be 99 Yuan Coffee, a brand that has set off a coffee frenzy in the Chinese market, is now moving towards a new stage of development, which has sparked heated discussions. Is the era of low prices a thing of the past? Is there a new turning point in the coffee market?
All along, Luckin Coffee has relied on 9The low price advantage of 9 yuan has rapidly expanded in the Chinese market, opening a new era of coffee consumption. For many consumers, Luckin's low-priced coffee is not only a pleasure, but also a symbol of life attitude. However, over time, 9Whether 9 yuan of coffee can still meet the needs of consumers has become a topic of great concern.
The financial fraud scandal in 2022 almost brought Luckin Coffee to the brink of bankruptcy, however, through hard work and management adjustments, Luckin Coffee successfully turned around and achieved a total net income of 7.2 billion yuan in the third quarter of 2023, a year-on-year increase of 849%, showing amazing recovery ability and market influence. However, there are many unknowns about whether this recovery will be sustainable and whether it will be able to develop steadily.
Recently, Luckin Coffee adjusted 9The 9 yuan discount activity is only for some drinks, not for the whole site, which has aroused consumer dissatisfaction and questions. Does this move mean that Luckin Coffee is developing in the direction of a higher-end and more refined market? Perhaps, this is also an exploration and attempt of Luckin Coffee to respond to market changes and adjust its brand image.
At the same time, the competition in the coffee market is becoming increasingly fierce, not only from well-known brands at home and abroad, but also from the rise of many emerging coffee brands. In this case, it remains to be seen whether Luckin Coffee will be able to maintain its competitive edge and become a leader in the industry.
It is worth mentioning that with the continuous improvement of consumers' requirements for coffee quality, the specialty coffee market is gradually emerging. Some high-quality coffee brands positioned at 15-20 yuan have begun to be favored by consumers, who not only pay attention to the taste and texture of the coffee, but also pursue the origin and roasting process of the coffee, which brings more diversified choices to the coffee market.
In this volatile market environment, how will Luckin Coffee respond to the challenges and achieve sustainable development? Perhaps, no longer cling to 9The 9 yuan low price strategy, but to shift to the development direction of more focus on quality and service, may become its future choice. However, no matter what path it chooses, Luckin Coffee needs to continue to innovate and maintain a close connection with consumers in order to remain invincible in the fierce market competition.
In Xiao Nan's view, the various changes and adjustments shown by Luckin Coffee reflect the diversity and fierce competition in the coffee market. In the future, with the changes in consumer demand and market environment, Luckin Coffee will face more challenges and opportunities. With the adjustment of Luckin Coffee and the competition of other brands, what new changes will the coffee market usher in? What do consumers think of coffee**, quality and service? Feel free to leave your views in the comment section.