Restaurants' performance satisfaction slightly down in Q3 22: Deliveroo
Three in 10 restaurants were optimistic about the environment in Q4.
Restaurants' performance satisfaction in Hong Kong fell to 5.4 in the third quarter (Q3) of 2022 from 6.4 in the second quarter of 2022, Deliveroo's 2022 Restaurant Confidence Index showed.
Even as their performance satisfaction went down, 37% are still optimistic about the environment in the fourth quarter.
Four in 10 projected that the 0+3 travel arrangement will boost their revenue in the next quarter. But almost three in 10 predicted that their revenue will stay the same.
Dine-in growth is still stagnant in response to the rebound in COVID-19 cases.
"As the city fought against the epidemic rebound in Q3, only 26% saw an increase in total revenue from dine-in business regardless of relaxed social distancing measures. Meanwhile, 56% recorded a decrease in profit, with 30% saying it remained unchanged," read the statement.
Labour cost is still the main cost pressures considered by restaurants in Q3, followed by rent and food ingredients.
Restaurants expressed higher confidence in the outlook for the food and beverage sector, up from 39% to 41%.