Hong Kong restaurant receipts rise by 43.8% YoY to $24.5b in Q3
The government cited three factors that drove the increase.
Hong Kong’s restaurant receipts rose by 43.8% year-on-year (YoY) to $24.5b for the third quarter.
The figure—after netting out the effect of price changes—also represents a 39.1% YoY increase.
Based on the latest data from Census and Statistics Department (C&SD), bars had the highest increase for the quarter amongst the types of restaurants in terms of receipt value and volume, soaring to 88.9% and 102.4%, respectively.
Total receipts of miscellaneous eating and drinking places also recorded an increase of 21.2% in value and 18.3% in volume, whilst fast food shops grew by 18.5% in value and 15.2% in volume.
Chinese restaurants fared better than non-Chinese restaurants for the quarter with total receipts rising by 61.6% in value and 56.7% volume; the latter had a 51.1% increase in value and 43.9% in volume.
Meanwhile, the provisional estimate of the value of total purchases by restaurants increased by 41.2% YoY to $8b.
A spokesperson from the government attributed the improving performance of HK restaurants to the “stable local epidemic situation, improved labour market conditions and the Consumption Voucher Scheme.”
These factors, according to the spokesperson, are expected to continue supporting restaurants in the near term.