Total receipts in restaurant sector grew 24.3% YoY in Q2

It was estimated at $27.4b.

The provisional estimate of the value of total purchases by restaurants went up by 19.5% to $8.8b, said C&SD.

After netting out the effect of price changes over the same period, the provisional estimate of the volume of total restaurant receipts increased by 19.4% in the second quarter of 2023 compared with a year earlier.
 
Per type of restaurant and comparing the Q2 2023 with the second quarter of 2022, total receipts of Chinese restaurants went up by 29.2% in value and 24.4% in volume. 

The total receipts of non-Chinese restaurants went up by 20.5% in value and 15.9% in volume. Total receipts of fast food shops went up by 19.3% in value and 14.1% in volume. 

Total receipts of bars went up by 122.7% in value and 110.8% in volume. As for miscellaneous eating and drinking places, total receipts increased by 21.4% in value and 17.1% in volume.

Based on the seasonally adjusted series, the provisional estimate of total restaurant receipts grew by 2.7% in value and 3.9% in volume in Q2 2023 compared with the preceding quarter.

Comparing the first half of 2023 with the same period in 2022, the total restaurant receipts went up by 47.7% in value and 41.8% in volume.

To facilitate further understanding of the short-term business performance of the restaurants sector, statistics of the restaurant receipts and purchases in individual months of the reference quarter are also compiled.

Per month, it was provisionally estimated that the value of total receipts of the restaurants sector increased by 43.5%, 17.6%, and 15.4%, respectively in April, May and June 2023, compared with the same months in 2022.

After discounting the impact of price changes, it was provisionally estimated that the volume of total restaurant receipts grew by 37.7%, 13.1%, and 11.0% respectively in April, May and June 2023, compared with the corresponding months in 2022.

A Government spokesman said the business of restaurants continued to improve in the second quarter of 2023. 
Looking ahead, business of restaurants may continue to improve as visitor arrivals are expected to increase along with the recovery of transportation and handling capacity.

“The improving labour market and the disbursement of the second instalment of consumption vouchers will provide support to local consumption,” read the government statement.