Singapore F&B services sales surge 17.8% in March
Food Caterers registered the largest growth in sales at 80.1%.
Sales of food & beverage (F&B) services grew by 17.8% in March 2023 on a year-on-year (YoY) basis, following the 21.6% increase in February 2023 according to the latest government statistics.
On a seasonally adjusted basis, sales of F&B services increased 0.7% in March 2023 over the previous month.
The total sales value of F&B services in March 2023 was estimated at SG$956m. Of this, online sales of F&B services made up an estimated 24.6%, compared to the 23.1% recorded in February 2023.
All F&B services industries recorded year-on-year growths in sales in March 2023. Food Caterers registered the largest growth in sales of 80.1%, due mainly to higher demand for both event and in-flight catering with the easing of restrictions on large-scale events, international travel as well as social gatherings.
Similarly, the turnover of Restaurants increased by 16.4% whilst sales of Cafes, Food Courts & Other Eating Places and Fast Food Outlets rose by 13.2% and 11.1% during this period.
