Q4 marked the largest fall since the outbreak of SARS in Q2 2003.
The value of total receipts of the restaurant sector dropped 5.9% YoY to $112.5b in 2019 compared to the whole year of 2018, according to the Census and Statistics Department (C&SD). Total volume or restaurant receipts also fell 8% YoY over the same period of comparison.
The provisional estimate of total purchases of restaurants decreased by 5.1% to $36.1b in 2019.
For the fourth quarter, the total value of restaurant receipts dropped 14.3% YoY to $26b, whilst the provisional estimate of the value of total purchases by restaurants decreased by 13% YoY to $8.4b. This marked the largest fall since the outbreak of SARS in Q2 2003, a government spokesperson noted, adding that Q4’s results showed a steeper plunge compared to a year earlier.
For 2019 as a whole, total restaurant receipts declined by 5.9% in value terms, the first annual decline since 2003.
Chinese restaurants’ receipts decreased 10% YoY in value and 12.1% YoY in volume for the whole year of 2019 compared to the previous year; whilst non-Chinese restaurants’ receipts fell 6.4% YoY in value and 8.3% in volume. Total receipts of bars also registered declines of 9% YoY in value and 10.7%YoY in volume.
In contrast, total receipts of fast food shops edged up by 1.9% in value and 0.1% in volume. The value of receipts of miscellaneous eating and drinking places also rose by 1.6% YoY, although its volume decreased by 1.7% YoY in 2019.
All types of restaurants recorded declines in Q4. Chinese restaurant receipts fell 19.2% YoY in value and 21.1% YoY in volume in Q4 2019 compared to a year earlier; whilst non-Chinese restaurants slipped 15.1% YoY in value and 16.6% YoY in volume over the same period of comparison.
Fast food shops also recorded declines, with value and volume dipping by 3.7% YoY and 4.9% YoY, respectively. Total receipts of bars also diminished 14.5% YoY in value and 17.4% YoY in volume.
Meanwhile, total receipts of miscellaneous eating and drinking places also fell by 8.2% in value and 10.6% in volume.
The spokesman further added that the food and beverage sector has been facing an even more difficult business environment recently due to the threat of the novel coronavirus. “The outlook down the road depends critically on how the situation of the novel coronavirus infection will evolve,” the statement read.
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