Executive Summary
Key takeaways from Kaochiang’s queueing phenomenon and its market implications:
– Kaochiang’s (烤匠) Shanghai debut generated 13-hour queues and over 6,300 table reservations, highlighting intense hunger marketing strategies in China’s competitive餐饮 landscape.
– Scalpers and代取号 (proxy queueing) services emerged, exploiting system vulnerabilities and indicating operational pressures that could undermine brand integrity.
– Mixed consumer feedback on product quality versus wait times raises concerns about the long-term viability of reliance on hype over substance.
– Historical parallels with brands like Tai Er Suan Cai Yu (太二酸菜鱼) suggest a common lifecycle where initial viral success often leads to plateaus or declines without product innovation.
– For investors, the hunger marketing trend underscores the need to assess餐饮 stocks based on sustainable brand equity rather than short-term traffic spikes.
The Queueing Spectacle: A New Benchmark in Chinese餐饮 Marketing
Even the most patient diners might hesitate when faced with a 13-hour wait. Yet, that is precisely the scenario that unfolded as Sichuan烤鱼 (grilled fish) brand Kaochiang (烤匠) launched its first Shanghai outlet, setting a new standard for hunger marketing in China’s bustling food and beverage sector. This queueing phenomenon isn’t just a social media curiosity; it’s a strategic play with significant implications for market positioning, consumer behavior, and investor sentiment in Chinese equities.
The hunger marketing tactics employed by Kaochiang have catapulted it into the spotlight, but the critical question remains: can such strategies translate into enduring brand value and financial performance? For institutional investors and market analysts, understanding this dynamic is essential to navigating the volatile yet lucrative Chinese餐饮 market.
Unpacking the Numbers: From 6,300 Tables to Midnight Queues
Upon its Shanghai entry, Kaochiang reported staggering metrics: a peak queueing time of 13 hours, over 6,300 tables reserved on the second day, and more than 4,000 customers still waiting past midnight, with some served as late as 5 a.m. These figures aren’t anomalies; they follow a pattern established during earlier expansions. For instance, when Kaochiang entered Beijing in 2024,宣传 materials emphasized continuous customer flow from 10 a.m. to midnight without discounts, and a second Beijing店 boasted 1,183 table reservations in a day with average waits of 6.5 hours.
Such data points are meticulously highlighted in brand narratives, reinforcing a perception of scarcity and high demand. This hunger marketing approach leverages FOMO (fear of missing out) among consumers, particularly younger demographics keen on trending experiences. However, behind these numbers lies a complex ecosystem involving黄牛 (scalpers), who reportedly earned over 1,000 yuan daily by reserving slots, and跑腿员 (delivery agents) offering代取号 services for a fee. These elements expose vulnerabilities in queue management systems, as noted in consumer complaints on platforms like Black Cat Complaint (黑猫投诉), where users cited lax verification for proxy queueing.
The Marketing Engine: Crafting Hype in the Digital Age
Kaochiang’s ascent is no accident; it’s driven by a sophisticated marketing machinery that blends traditional and digital tactics. Founded by Leng Yanjun (冷艳君), a veteran from the television advertising industry, the brand has consistently prioritized营销 (marketing) as a core competency. After a slow start in 2013, Kaochiang revamped its店面装修 (store decor) and brand messaging, leading to a turnaround that underscores the power of presentation in China’s experiential economy.
Celebrity Endorsements and Social Media Blitz
Key to Kaochiang’s strategy has been the use of明星站台 (celebrity endorsements). During its Beijing launch, the brand invited singer张颜齐 (Zhang Yanqi) as a川渝品鉴官 (Sichuan-Chongqing tasting ambassador), generating buzz across platforms like Weibo and Xiaohongshu. Pre-opening activities included consumer试吃 (tasting events) and social media teasers, amplifying the slogan “不吃火锅，就吃烤匠” (If not hotpot, then Kaochiang). This integrated campaign ensured that queueing itself became a viral topic, creating a feedback loop where visibility fuels more demand.
However, this hunger marketing reliance carries risks. As consumers share experiences online, narratives diverge. Some praise the ambiance and specific dishes like烤黑椒猪颈肉 (grilled black pepper pork neck), while others criticize the招牌烤鱼 (signature grilled fish) as overly salty or greasy. This dichotomy highlights a challenge: when marketing inflates expectations, product delivery must excel to prevent backlash. For market watchers, these sentiments offer real-time indicators of brand health, akin to customer reviews influencing retail stocks.
Consumer Backlash and Operational Strain
The hunger marketing frenzy isn’t without consequences. Prolonged waits have led to fragmented口碑 (word-of-mouth), with many consumers deeming the experience “not worth it” or vowing not to return. On social media, posts detail waits of 7.6 hours, with some admitting they joined queues impulsively after seeing crowds, only to feel trapped by sunk成本 (costs) of time invested. This psychological dynamic, while initially driving traffic, can erode loyalty if not managed.
Scalpers and System Vulnerabilities
The emergence of a黄牛产业链 (scalper industry) around Kaochiang points to deeper operational issues. In Beijing,号码牌 (queue tickets) were reportedly resold for up to 300 yuan, prompting brand responses to打击黄牛 (crack down on scalpers). Yet,跑腿代取号 (proxy queueing via delivery apps) persists, costing around 16 yuan per instance and bypassing intended controls. These practices not only distort demand signals but also alienate genuine customers, as noted in complaints about the “黑金匠” (Black Gold Member) priority system being exploited.
For restaurant operators and investors, these incidents underscore the importance of robust operational frameworks. High客流 (customer flow) strains取号 (ticketing),叫号 (calling), and等位区 (waiting area) capacities, potentially compromising service quality. In China’s餐饮 sector, where consumer preferences shift rapidly, such friction points can accelerate declines, as seen in past net-red brands that failed to scale sustainably.
The Sustainability Conundrum: From Net-Red to Long-Red
Kaochiang’s hunger marketing success epitomizes the “首店经济” (first-store economy) trend, where exclusive brand entries capitalize on urban curiosity and打卡 (check-in) culture. Yet, the transition from网红 (net-red) to长红 (long-red) status is fraught with hurdles. History offers cautionary tales, such as Tai Er Suan Cai Yu (太二酸菜鱼), which once commanded similar queues with its single-product focus and quirky店规 (store rules), but has since seen热度减退 (cooling interest) and net store reductions of 135 outlets in 2025 amid品类扩张 (category expansion).
The Net-Red Brand Lifecycle: Hype, Backlash, and Reinvention
Analysis suggests a common trajectory for hunger marketing-driven brands: an initial崛起 (rise) via viral marketing, followed by a流量反噬 (traffic backlash) phase where high expectations clash with reality, leading to口碑滑坡 (reputation decline). The final stage determines fate—either品牌沉淀 (brand sedimentation) through product excellence and customer retention, or fade into obscurity. Kaochiang is navigating this critical junction, with its reliance on营销 potentially hindering deeper innovation in口味 (flavor) and菜品 (menu items).
For investors in Chinese餐饮 equities, this lifecycle model provides a framework for due diligence. Brands that balance hunger marketing with operational scalability and product differentiation, like Haidilao (海底捞) in its early years, tend to achieve more stable valuations. Conversely, those over-dependent on queueing gimmicks may face volatility, as reflected in stock performance for listed F&B companies on exchanges like the Hong Kong Stock Exchange (香港交易所).
Market Implications and Investment Insights
The hunger marketing phenomenon extends beyond Kaochiang, reflecting broader trends in China’s consumer markets. With rising disposable incomes and digital connectivity, experiential consumption drives growth, but also intensifies competition. For fund managers and corporate executives, assessing餐饮 brands requires a multi-faceted approach that considers regulatory, economic, and social factors.
Evaluating Brand Sustainability in F&B Stocks
Key metrics for investment analysis include:
– Customer复购率 (repurchase rate): Indicators from loyalty programs or app data can reveal if hype converts to habitual消费 (consumption).
– Product innovation pipeline: Brands that continuously refresh menus, like ChaPanda (茶颜悦色) with seasonal tea drinks, mitigate同质化 (homogenization) risks.
– Operational efficiency: Systems for queue management, supply chain logistics, and quality control impact margins and scalability.
– Regulatory compliance: Adherence to food safety standards set by the State Administration for Market Regulation (国家市场监督管理总局) is crucial to avoid scandals that can crater stock prices.
Moreover, macroeconomic indicators such as consumer confidence indices and retail sales data from the National Bureau of Statistics (国家统计局) provide context for sector performance. In 2024, China’s餐饮 revenue grew by X% year-on-year, yet头号玩家 (top players) face pressure from rising rents and labor costs, making sustainable strategies like hunger marketing a double-edged sword.
Lessons from Global Counterparts
Internationally, brands like Shake Shack in the U.S. have leveraged similar queueing buzz during expansions, but sustained growth through product quality and community engagement. For Chinese brands eyeing global listings, such parallels offer benchmarks. However, local nuances matter: China’s social media ecosystem, with platforms like Douyin (抖音), amplifies trends faster, necessitating agile responses to feedback.
Navigating the Future of Hunger Marketing in Chinese餐饮
Kaochiang’s hunger marketing gambit has undeniably captured attention, but its longevity hinges on addressing core challenges. The brand must evolve beyond queueing spectacles to deliver consistent culinary excellence and seamless experiences. For the Chinese餐饮 sector, this moment highlights a pivotal shift: as consumers grow discerning, brands that prioritize substance over spectacle will likely dominate in the long run.
Investors and market participants should monitor several signals:
– Upcoming financial disclosures from Kaochiang or its parent company, if publicly traded, for insights into revenue sustainability and cost structures.
– Consumer sentiment trends on review platforms and social media, which can preempt shifts in brand equity.
– Competitive moves from rivals like探鱼 (Tan Yu) or江边城外 (Jiang Bian Cheng Wai), which may adopt or counter similar marketing tactics.
In conclusion, while hunger marketing can ignite initial成功 (success), its true test lies in weathering the “hunger game” of market dynamics. For sophisticated professionals in Chinese equity markets, the key takeaway is to look beyond the queue—evaluating brands on holistic metrics of innovation, operational resilience, and customer-centricity. As China’s消费升级 (consumption upgrade) continues, those who master this balance will not only survive but thrive, offering compelling opportunities in a vibrant yet volatile landscape.