China’s local fast-food industry: The next battleground for foreign and local brands in lower-tier cities
China’s fast-food market was valued at RMB 1.28 trillion in 2023, and it expected to grow, particularly driven by the rising demand from lower-tier city consumers. With higher-cities reaching saturation, international fast-food chains are expanding to third- and fourth-tier cities. Similarly, in the local fast-food industry in China, brands like Wallace and Tastien have stronger […]