Restaurant sector receipts estimated at $27.5b in Q3

The provisional value of total purchases increased by 5.4% to $9b.

Third-quarter (Q3) receipts of the restaurant sector inched up by 3.1% year on year (YoY) to $27.5b, according to the Census and Statistics Department (C&SD) on November 3.

Over the same period, the provisional estimate of the value of total purchases by restaurants increased by 5.4% to $9b. After netting out price changes, the increase is 2.1%.

A government spokesman said the growth accelerated by 3.1% YoY broadly, attributable to solid local consumption sentiment and the earlier arrival of the Mid-Autumn Festival.

Total receipts of Chinese restaurants slightly increased by 1.2% in value and 0.3% in volume YoY. Receipts in the same period for non-Chinese restaurants are up by 7.1% in value and 6.1% in volume.

In fast-food shops, receipts are up by 0.6% in value, but down by 0.4% in volume. In bars, total receipts increased by 1% in value and 0.2% in volume. As for miscellaneous eating and drinking places, the numbers increased by 2.1% in value and 1.3% in volume.

The provisional estimate of total restaurant receipts increased by 2.5% in value and 1.6% in volume quarter on quarter (QoQ).

The numbers are up by 1.5% in value and 0.7% in volume in the first nine months from the same period last year.

Receipts in July, August and September increased by 0.4%, 2% and 6.9%, respectively, compared to the same months last year.

The report forecasts sustained solid economic growth and increased labour earnings, which would bolster consumption and benefit restaurants. Upcoming mega events and festive celebrations, alongside inbound tourism growth, are expected to help.

The government said it will continue monitoring the effects of external headwinds on local restaurant businesses.