資源描述：
《瑞信-美股-餐飲業(yè)-美國餐館業(yè)：后COVID-19時代的顧客偏好分析-2020.4.13.pdf》由會員上傳分享，免費在線閱讀，更多相關內容在行業(yè)資料-天天文庫。
1、13April2020EquityResearchAmericas
2、UnitedStatesUSRestaurantsAssessingAppetiteinPost-COVID-19WorldRestaurants
3、SectorForecastStateoftheIndustry:SSStrendsappeartovarywidelyacrossgeographies,brandsandResearchAnalystssegments.Basedonindustrydataandourconversations,QSRsareexperiencingSSSdecli
4、nesof30-40%inrecentweeksandfullservicechainsareseeingSSSdeclinesof60-LaurenSilberman80%.ThemajorityofsalesatQSRshaveshiftedtodrive-thru,digital/deliverysalesareup,2123252720breakfast&latenightareexperiencingthemostsignificantdeclines,weekdaysarelauren.silberman@credit-suisse.comperform
5、ingbetterthanweekends,QSRaveragechecksareup,occasionshaveshiftedtoDouglasEismandinner&familymeals,restaurantsappeartobereducingoperatinghours/streamlining2123258212menusandareaswithhighercasesofthevirusareexperiencingmoreseveredeclines.douglas.eisman@credit-suisse.comBasedontheNational
6、RestaurantAssociation,~15%ofrestaurantshaveclosedpermanentlyorareexpectedtoclosewithinthenextcoupleofweeks.FutureoftheIndustry–Demand&SupplyImbalance:Weexpecttheretobepent-updemandforrestaurants,partiallyoffsetbylingeringhealth-relatedconcerns&unknowneconomiceffects.Webelieverestaurant
7、sbestpositionedarethosethatappealtoyoungercohorts(lesscautious),havestrongoff-premisebusinesses(includingdigitalecosystems)andoffercompellingvalue.Onthesupplyside,webelieverestaurantsthatremainopen,continuetopayworkers,havestronguniteconomicsandleveragegovernmentassistancewillbebestpos
8、itionedtorampupoperationsandtakeadvantageofpent-updemand.Overall,weseechainsasbetterpositionedthanindependentsgivenaccesstoresourcesandmoreestablishedoff-premise&digitalinfrastructures,withopportunitiesformarketsharegainsoverthemediumtolong-termasrestaurantsupplycontracts.WefavorCMGgiv
9、enitsyoungerconsumerbase,holisticdigitalecosystem&investmentsinemployees.WelikeMCD’sdefensivepositioningandhealthyfranchiseebase.DPZ&PZZAshouldbenefitfromsharegainsgivenafragmentedpizzasegmentandshifttoat-homeconsumption.HealthofFranchiseeSystems:Weleverageddatafromfranchisedisclosur
