China’s vibrant tea-drink market with a massive yearly sale worth 370 billion yuan (US$54.2 billion) is encountering the ghost of involution – escalating price wars attacking thousands of small businesses, leading to a grim landscape of financial demise. Desiring to capitalize on mainland China’s teeming consumer market, the relentless competition in the bubble tea industry is a stern caution against oversaturated fields with meager profit margins and considerable operational hazards, as expressed by Robert Zhu, the proprietor of a Pudong district shop in Shanghai. Dubbed as milk tea locally, these tea-based concoctions aren’t simply tapioca adorned drinks; they can also…
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