, Hong Kong

Business receipts up nearly 10% ending eight quarters of decline

This is thanks to the contained epidemic situation, as well as Hong Kong’s economic recovery.

The value of total receipts of the restaurant sector rose 9.9% year-on-year to $23.3b in the second quarter of the year, ending eight quarters of decline.

The value of total purchases by restaurants over the same period also went up by 10.1$ to $7.6b, the Census and Statistics Department (C&SD) reported.

Netting out the effect of price changes, the volume of total restaurant receipts increased by 8.9% in the same quarter.

“The value of total restaurant receipts turned to a year-on-year increase of 9.9% in the second quarter (Q2) of 2021, ending the streak of declines in the preceding eight quarters,” a government spokesman said.

On a seasonally adjusted basis, the provisional estimate of total restaurant receipts increased by 26.9% in value and 26.0% in volume in Q2 2021 compared with the preceding quarter.

This reflects that “business rebounded along with the stable epidemic situation and improved economic conditions,” the spokesman said.

“Yet, total restaurant receipts in Q2 were still visibly lower than the levels before the COVID-19 pandemic in the absence of incoming visitors.”

Total receipts of Chinese restaurants increased by 6% in value and 5.2% in volume; whilst non-Chinese restaurants increased by 16% in value and 15.4% in volume.

Moreover, the total receipts of fast-food shops increased by 9.4% in value and 7.2% in volume; whilst bars decreased by 22.9% in value and 16.9% in volume.

As for miscellaneous eating and drinking places, total receipts increased by 10.9% and 9.8% in value and volume, respectively.

The spokesman noted that businesses of restaurants will likely improve if the local epidemic situation remains contained. In addition, the government’s e-Consumption Voucher Scheme is expected to boost business operations.

“Yet, a full recovery of the sector would hinge on the pandemic developments both in Hong Kong and around the world, which have significant bearings on inbound tourism, the spokesman said.

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