Restaurant receipts of $109b down 0.1 pc in value, 2.4 pc in volume

Hong Kong's restaurant sector has recorded an estimated total receipts of HK$109.4 billion for 2024, down 0.1 percent in value and 2.4 percent in volume compared to 2023, according to the Census and Statistics Department. 

Over the same period, the provisional value of total purchases among restaurants fell 1.9 percent to HK$35.1 billion.

For the fourth quarter of 2024, the sector recorded HK$27.6 billion in total receipts and HK$8.9 billion in total purchases, representing a year-on-year increase of 0.4 percent and a decrease of 2.5 percent, respectively. 

After adjusting for price changes, the provisional estimate indicated a 1.1 percent year-on-year decline in the volume of total restaurant receipts for the last September quarter.

A government spokesman commented that the restaurant business improved in the fourth quarter of last year, with the value of total restaurant receipts resuming a year-on-year increase of 0.4 percent. On a seasonally adjusted quarter-to-quarter basis, there was an accelerated increase of 3 percent.

“Looking ahead, the restaurant business will continue to be supported by various measures from the central government to boost the mainland economy and benefit Hong Kong,” he said.

However, the spokesman said changes in consumption patterns are expected to impact the sector despite ongoing support from the SAR government.

(Adelyn Lau)