Hong Kong’s overall restaurant business confidence grows in Q4 2022
Restaurant profits increased from 15% in Q3 to 33% in Q4 last year.
The overall restaurant business confidence in Hong Kong increased in Q4 2022 with an average score of 6.0, up from 5.4 in Q3, according to Deliveroo’s Restaurant Confidence Index.
The report revealed that 48% of the F&B industry in Q4 2022 were optimistic about the economic environment in Hong Kong compared to 37% in Q3 due to the city’s reopening. Restaurant profits also saw an increase due to this from 15% in Q3 to 33% in Q4. In particular, most restaurant businesses saw an increase in total revenue from dine-in businesses in Q4 (41%), up from 26% in Q3.
For Q1 2023, however, respondents were evenly split. 43% believe that things are going ‘back to normal’ whilst 44% think it will remain stable as Hong Kong starts to ease up restrictions.
Meanwhile, 84% of restaurants say they have no plans to downsize in the new year, with nearly a quarter (23%) planning to expand.