2nd November 2022 – (Hong Kong) The Census and Statistics Department (C&SD) released the latest provisional figures on restaurant receipts and purchases today.
The value of total receipts of the restaurants sector in the third quarter of 2022, provisionally estimated at HK$24.1 billion, decreased by 1.8% over a year earlier. Over the same period, the provisional estimate of the value of total purchases by restaurants increased by 1.3% to $8.1 billion.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total restaurant receipts decreased by 5.1% in the third quarter of 2022 compared with a year earlier.
Analysed by type of restaurant and comparing the third quarter of 2022 with the third quarter of 2021, total receipts of Chinese restaurants decreased by 4.7% in value and 7.6% in volume. Total receipts of non-Chinese restaurants decreased by 0.1% in value and 3.6% in volume. Total receipts of fast food shops increased by 0.5% in value, but decreased by 2.9% in volume. Total receipts of bars decreased by 15.6% in value and 19.2% in volume. As for miscellaneous eating and drinking places, total receipts increased by 0.6% in value, but decreased by 2.5% in volume.
Based on the seasonally adjusted series, the provisional estimate of total restaurant receipts increased by 6.4% in value and 3.4% in volume in the third quarter of 2022 compared with the preceding quarter.
Comparing the first three quarters of 2022 with the same period in 2021, total restaurant receipts decreased by 9.2% in value and 12.2% in volume.
To facilitate further understanding of the short-term business performance of the restaurants sector, statistics in respect of the restaurant receipts and purchases in individual months of the reference quarter are also compiled.
Analysed by month, it was provisionally estimated that the value of total receipts of the restaurants sector decreased by 0.5%, 0.6% and 4.2% respectively in July, August and September 2022, compared with the corresponding months in 2021.
After discounting the effect of price changes, it was provisionally estimated that the volume of total restaurant receipts decreased by 3.9%, 3.9% and 7.5% respectively in July, August and September 2022, compared with the corresponding months in 2021.
A Government spokesman said that business of restaurants continued to improve in the third quarter of 2022. The value of total restaurant receipts increased further by 6.4% over the preceding quarter on a seasonally adjusted basis, and recorded a narrowed year-on-year decline of 1.8%.
Looking ahead, the spokesman pointed out that the generally stable local epidemic situation and further relaxation of social distancing measures of late, together with the Consumption Voucher Scheme, should continue to provide support to business of restaurants. Yet, tightened financial conditions may increasingly weigh on consumer sentiment and thus partially offset the positive effects. It remains vital for the community to work in unison with the Government to keep the local epidemic under control.