US fast food giants like KFC, Pizza Hut and Taco Bell are using high-tech, unique ingredients and upscale restaurants to win over the Chinese market
With more than 1.3 billion people, the country has driven sales at the likes of McDonald's and KFC in recent years. The Chinese fast food industry is now worth $131 billion a year, according to research firm Euromonitor. But things are getting tougher as the world's second biggest economy slows and diners demand more. The response has been glitzier restaurants, bigger menus — and some pretty weird food.
"If you were to ask young consumers in more sophisticated cities when they last had Pizza Hut, you'll likely get a 'maybe 10 years ago' or 'with my grandparents' kind of response," said Atkinson. Yum China CEO Joey Wat said in December that the company is"not satisfied" with Pizza Hut sales and that profit margins at the business are likely to remain under pressure. It's now trying to fix things.
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