Hong Kong's Q1 restaurant sales see record slump as COVID-19 weighs down businesses
Total receipts of fast food shops decreased by 17.1% in value.
The overall revenue of Hong Kong’s restaurant sector sank 31.2% year on year to HK$21.7 billion (US$2.8 billion) in the first quarter, as travel restrictions and social distancing due to COVID-19 “significantly weighed” on business.
According to Hong Kong’s Census and Statistics Department (C&SD), the number is the largest decline on record.
Over the same period, the provisional estimate of the value of total purchases by restaurants likewise decreased by 29.1% to HK$7 billion.
Analysed by type of restaurant, total receipts of Chinese restaurants decreased by 39.6% in value and 40.9% in volume whilst total receipts of non-Chinese restaurants decreased by 29.0% in value and 29.9% in volume.
Fast food shops seemed to be the least affected, with revenue decreasing by 17.1% in value and 18.2% in volume. Total receipts of bars, meanwhile, decreased by 37.5% in value and 40.8% in volume. As for miscellaneous eating and drinking places, total receipts decreased by 25.9% in value and 27.5% in volume.
By month, the value of total receipts of the restaurants sector decreased by 10.8% in January, before plunging to 42.1% and 41.7% respectively in February and March - the period when restrictions were implemented.
