作为专注于消费赛道投资的基金，启承资本对于人群变化这一课题一直密切关注。“消费”，正是人群打开生活的方式。而每一代际、每一地域等细分人群都有着自己独有的生活方式和态度。因此人群的变化是消费品牌和业态迭代升级的最底层驱动因素之一。消费者洞察是启承资本在投资决策及投后赋能过程中都非常看重的研究工具。我们认为消费者最真实的自我表达是极具价值的：每一笔消费带给他们的体验，每一次消费选择背后的考虑，每一个新品牌抢占其钱包份额的原因等等都提供了宝贵的参考价值。启承消费者洞察中心致力于建立启承与消费者之间直接的对话窗口。我们希望用体系化、结构化的方式，积累对新一代消费者的认知。这也为我们看待新消费创业项目打开独特视角，帮助我们更早、更深度地识别项目机会，也给我们的创业伙伴们带来先于行业的一手市场信息。作为消费者洞察系列文章的首篇，本文将结合启承针对新一代人群养生行为的消费者洞察分享一些我们对中式滋补行业的理解。吃滋补零食，是为了缓解健康焦虑？ Have you found that the health anxiety of this generation is earlier than that of the previous generation? “time is unforgiving”. When the key variable of time quietly acts on a generation, the rebellious young people who roast “there is a kind of cold called your mother thinks you are cold” in those years, the young people who feel that they can be energetic after many nights, the young people who feel that they can’t get fat after eating, also consciously put on autumn pants at the first time when the autumn wind sweeps away the leaves, and also made medlar health tea in the office, I also silently calculate calories while eating gluttonous food. in recent years, the discussion of “health preservation” related topics has increased on social platforms such as xiaohongshu and Tiktok. In the category of “new health consumption” broadcast on Taobao, the proportion of post-90s and generation Z transactions has also increased from 34% in 2018 to 50% in 2020. The reason is that on the one hand, under the working rhythm of “996”, the physical and mental pressure borne by contemporary people is much higher than before. On the other hand, it is also because the change of media infrastructure makes the efficiency of information dissemination higher, and people’s health concept is increasingly strengthened. hair loss and hoarseness are the most anxious health problems of young people So what health problems do young people worry about? We sampled 200 consumers under the age of 40 in first and second tier cities and interviewed their most anxious health problems top3: The first anxiety point was hair loss / gray hair, and more than half of the respondents said they had hair anxiety. Under some Millennium songs that have recently become popular again, you can often see the divine comment of “listening to them for the first time or slanting bangs, and listening to them again is already the Mediterranean”. The hair loss anxiety of this generation of young people can be described as hitting the soul directly.Staying up late / sleeping problems ranked second. It’s too late to get off work, and I always feel that although the day has passed, there is no time for me to really belong to myself. So I toss my mobile phone in bed late at night and can’t sleep. It’s normal for many office workers to sleep bleary eyed and rely on coffee to continue their lives the next morning. “Stay up late water”, “health tea” and other products are popular on social platforms, and there are traces to follow.In third place is obesity / metabolic problems. The body anxiety caused by sedentary, sedentary and slow metabolism still plagues this generation of young people. There is no easy word in the so-called adult world, except for long meat.Nourishing snacks are the favorite way of health preservation for the new generation of young people Anxiety breeds demand. With the health anxiety of young people, various consumption formats of fitness, health preservation, outdoor sports and other big health tracks are developing rapidly. What health preserving behaviors do anxious young people actually take? We also made a survey on the health preservation behaviors that you can actually do at ordinary times:Chinese tonics rank first among people under the age of 40 with a penetration rate of nearly 90%. In the interview, consumers showed a high awareness and reputation of a variety of Chinese tonic ingredients. It can be seen that when active exercise, regular work and rest, healthy diet and other behaviors are difficult to really achieve, young people also begin to “remedy” by taking some health nourishing foods orally. In the context of the prevalence of national tides in recent years, Chinese tonic is not only the traditional way of health preservation of the older generation, but has become a salty and suitable means of health preservation for young and old.“Chinese tonic” is a health preservation concept based on Chinese traditional health preservation culture. The word “tonic” can be traced back to Li Shizhen’s Compendium of Materia Medica. The book mentions that “four natures and five flavors, medicine and food are of the same origin”, which has been deeply rooted in the hearts of Chinese people for thousands of years. In recent years, the Health Commission has issued more than 100 kinds of food and drug substances with the same effect of medicine and food. Among them, bird’s nest, donkey hide gelatin, sesame, ginseng, medlar, walnut and other “top stream” nourishing ingredients also have a very stable position in the Jianghu.For many years, Chinese tonics have been restricted by “high customer order and heavy tonic”, and their penetration rate has been lower than that of health care products in European and American countries for a long time. What is the difference between the consumption of Chinese tonics by the younger generation? Our survey found that unlike the previous generation of consumers who directly purchased nourishing ingredients and processed them by themselves, the new generation of consumers have a significantly higher demand for “eating convenience”. In terms of the amount spent, about half of the Chinese tonic consumption is spent on tonic snacks.At the same time, this preference of young consumers is also reflected on the super platform. Due to the channel preference of young consumers, the online scale of the Chinese tonic industry has grown rapidly. The data shows that in 2021, tmall double 11 dietotherapy tonic products increased by 300% year-on-year. Therefore, under the evolution trend of Chinese nourishing snacks, the Chinese nourishing industry is also glowing with new vitality. With the changes of the media and the increasing strengthening of the health care needs of young people, the “low customer order, light tonic” mode of reducing the threshold of tonic consumption scene through snacks, lightweight and convenience is bound to be more in line with the consumption needs of today’s market. sesame, red dates, donkey hide gelatin and bird’s nest are the favorite nourishing ingredients for young people Then, in the hall of Chinese nourishing ingredients, which ingredients are potentially the most suitable for making explosive nourishing snacks? Qicheng put forward a 2×2 framework. From the two dimensions of “taste acceptance” and “efficacy recognition”, consumers can score the ingredients from 1-5 points respectively, and get a four quadrant chart: 1. It can be seen from the figure that the four kinds of ingredients in quadrant a with strong efficacy awareness and high taste acceptance – sesame, red jujube, donkey hide gelatin and bird’s nest – are the most suitable ingredients for making nourishing snacks; 2. In quadrant B, walnuts, peanuts and Tremella are also very popular with consumers in taste, but they are slightly weaker in efficacy and intelligence. It is difficult to be independent as the core ingredients of the main “nourishing” selling point, but they are more suitable for the combination of strong nourishing ingredients, and walnuts and peanuts themselves are also the mental categories of nut snacks; 3. Although Cordyceps, ginseng, angelica and other ingredients in quadrant C have strong recognition of efficacy, they have natural disadvantages in taste, and their adaptability to snacks is low; 4. Medlar, flower glue and sea cucumber in quadrant d have no advantage in taste and efficacy recognition. has achieved a scale of 1billion. What are the growth paths? from the perspective of market results, we have also noticed that there have been a number of listed companies focusing on a-quadrant nourishing ingredients such as sesame and red dates in the previous generation of food brands. At the same time, new consumer brands have also emerged, such as xiaoxiandun, laojinmofang and other Chinese nourishing track players who have successfully entered the market with a quadrant nourishing ingredients.Take miss you and black sesame (South) as examples. These companies that do the right multiple-choice questions on basic ingredients, based on strong energy categories and targeting user scenarios + matching channel strategies, can achieve growth from 0 to 1 and from 1 to 10. However, there are certain challenges in seeking category breakthroughs from the growth stage of 10-100. The following is our disassembly of its growth path: case 1: miss you so much – cut into the health food track with large red dates. stage 1: cut through the high-end gift red dates gift box, focusing on high-quality “wash free” red dates, matching the model of exclusive stores, and 2000 + stores nationwide during peak periods; The second stage of : affected by the policy, the gift giving scene stalled, a large number of franchised stores closed, and instant seedless dates entered the supermarket channel. Later, the innovative product “jujube + walnut” was launched to obtain the second-order growth momentum; The third stage of : category breakthrough is facing challenges, e-commerce capacity is insufficient, and the revenue is maintained at about 1billion. Return to “jujube + food and medicine homology” to seek further growth. case 2: black sesame (South) – cut into the health food track with a large single product of black sesame paste. stage 1: cut into a single product of black sesame paste, and start trading in the supermarket channels in Guangdong and Guangxi regions; The second stage of : expand the region to the whole country, promote the “Southern black sesame paste” mentality nationwide, and the core income reaches 1.5 billion; The third stage of : the expansion of categories along the two routes of “sesame” and “paste” did not make a significant breakthrough, and the core food business revenue remained at about ~1.6 billion, with weak growth. we can see that both you and black sesame (South) have found nourishing ingredients with good taste and efficacy, and have actively responded to channel strategies, successfully growing into a 1billion level company. But in the long run, a single category is facing the problem of low ceiling. How to transition from the “red date / black sesame” brand to the “Chinese tonic” brand is a proposition to be solved. facing the needs of consumers, what can Chinese tonic brands do?We have summed up suggestions for Chinese enterprises in the field of tonic:1. Stick to the pain point of consumer demand and “suit the remedy to the case”: the most anxious health problems of young people are “hair loss / white hair”, “staying up late / poor sleep”, “obesity / slow metabolism”. Chinese nourishing new brands can put forward solutions around these anxiety points, and whether the functionality of the product is sufficiently focused is one of the key success factors.2. Make product development and channel strategies based on life scenes: “convenience” is one of the most important factors for the new generation of consumers. The premise for the rapid penetration of products is to occupy the wallet share in the existing life scenes of consumers, such as afternoon tea, office snack time, travel and other eating scenes. At the same time, on the channel side, we should match flexible and diversified channel strategies and long-term layout of all channels.3. Conform to the natural properties of the ingredients themselves: there are many kinds of Chinese nourishing ingredients, and their taste acceptance and efficacy recognition on the consumer side are different, and it is difficult to reverse in the short term. Matching the most suitable product form based on different ingredients’ attributes is the homework that enterprises need to do when expanding their product lines. It is more challenging to apply a formula to all ingredients.4. Clarify the fulcrum of your brand mind: at the level of brand mind, big items are a double-edged sword. On the one hand, there is enough memory, on the other hand, it is easy to cause the singleness of consumers’ minds. For example, I miss you so much for red dates, and the south for sesame paste. Therefore, if you want to grow from a single product brand to a Chinese tonic brand, you usually need to take advantage of the mental advantages of existing large single products, develop new products that are strongly related to them, establish a new mental anchor in the hearts of consumers, and gradually complete the leap in the minds of consumers and achieve brand extension by building a linked product matrix.Source: inception capital (id:genbridge), reprint has been authorized. Reprint authorization and media business cooperation: Amy (wechat: 13701559246); food people are “watching”