Research
Hong Kong restaurant sales slumped by 11.7 percent in the third quarter as protests deterred foreign visitors and locals dined in more often.
The value of receipts was provisionally estimated at HK$26.4 billion (US$3.37 billion), and the value of purchases by restaurants decreased by 10.9 percent to HK$8.5 billion ($1.086 billion).
After netting out the effect of price changes over the same period, the provisional estimate of the volume of restaurant receipts decreased by 13.6 percent year on year in the third quarter.
Quarter on quarter, restaurant receipts decreased by 10.6 percent in value and by 11.4 percent.
Comparing the first three quarters of this year with the same period last year, Hong Kong restaurant sales decreased by 3 percent in value and by 5.2 percent in volume.
A government spokesman said the sharp deterioration of Hong Kong restaurant sales in the third quarter represented the largest year-on-year decline since the outbreak of Sars in the second quarter of 2003.
“The plunge in restaurant receipts in the third quarter mainly reflected the severe disruptions to food and beverage businesses caused by the local social incidents, while weak consumer sentiment amid subdued economic conditions also played a part.”
The spokesman said food-and-beverage businesses will continue to face “immense pressure” in the near term “amid continued protests involving violence and the subdued economic outlook”.
