3rd August 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 second quarter of 2022, provisionally estimated at $22.0 billion, decreased by 5.5% over a year earlier. Over the same period, the provisional estimate of the value of total purchases by restaurants decreased by 2.3% to $7.4 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 8.6% in the second quarter of 2022 compared with a year earlier.
Analysed by type of restaurant and comparing the second quarter of 2022 with the second quarter of 2021, total receipts of Chinese restaurants decreased by 7.4% in value and 10.5% in volume. Total receipts of non-Chinese restaurants decreased by 5.8% in value and 9.1% in volume. Total receipts of fast food shops decreased by 2.4% in value and 5.4% in volume. Total receipts of bars decreased by 14.9% in value and 17.0% in volume. As for miscellaneous eating and drinking places, total receipts decreased by 2.8% in value and 6.0% in volume.
Based on the seasonally adjusted series, the provisional estimate of total restaurant receipts increased by 51.0% in value and 52.5% in volume in the second quarter of 2022 compared with the preceding quarter.
Comparing the first half of 2022 with the same period in 2021, total restaurant receipts decreased by 13.6% in value and 16.4% 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 15.2%, 1.3% and 0.7% respectively in April, May and June 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 17.9%, 4.6% and 4.0% respectively in April, May and June 2022, compared with the corresponding months in 2021.
A Government spokesman said that business of restaurants improved visibly in the second quarter of 2022, on the back of the generally moderated local epidemic situation, the gradual relaxation of social distancing measures in tandem and the boosting effect of the Consumption Voucher Scheme. The value of total restaurant receipts staged a strong rebound of 51.0% from the trough in the preceding quarter on a seasonally adjusted basis, and recorded a much narrower year-on-year decline of 5.5%.
Looking ahead, the spokesman pointed out that the upcoming disbursement of the second batch of consumption vouchers will help support consumption demand. Yet, business of restaurants going forward will also be dependent on how the local epidemic evolves and how the tighter financial conditions affect consumer’s spending power and sentiment. It remains vital for the community to work in unison with the Government to keep the local epidemic under control.