Provisional statistics of restaurant receipts and purchases for second quarter of 2024
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The value of total receipts of the restaurants sector in the second quarter of 2024, provisionally estimated at $26.9 billion, decreased by 2.1% over a year earlier. Over the same period, the provisional estimate of the value of total purchases by restaurants decreased by 4.0% to $8.5 billion.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total restaurant receipts decreased by 4.6% in the second quarter of 2024 compared with a year earlier.
Analysed by type of restaurant and comparing the second quarter of 2024 with the second quarter of 2023, total receipts of Chinese restaurants decreased by 7.3% in value and 10.0% in volume. Total receipts of non-Chinese restaurants decreased by 3.0% in value and 4.6% in volume. Total receipts of fast food shops increased by 7.9% in value and 4.7% in volume. Total receipts of bars decreased by 6.7% in value and 9.7% in volume. As for miscellaneous eating and drinking places, total receipts increased by 0.3% in value, but decreased by 3.3% in volume.
Based on the seasonally adjusted series, the provisional estimate of total restaurant receipts decreased by 2.8% in value, but increased by 2.1% in volume in the second quarter of 2024 compared with the preceding quarter.
Comparing the first half of 2024 with the same period in 2023, total restaurant receipts increased by 0.1% in value but decreased by 2.7% in volume.
To facilitate further understanding of the short-term business performance of the restaurants sector, statistics in respect of the restaurant receipts and purchases in individual months of the reference quarter are also compiled.
Analysed by month, it was provisionally estimated that the value of total receipts of the restaurants sector decreased by 3.1%, 1.7% and 1.5% respectively in April, May and June 2024, compared with the corresponding months in 2023.
After discounting the effect of price changes, it was provisionally estimated that the volume of total restaurant receipts decreased by 5.7%, 4.3% and 3.8% respectively in April, May and June 2024, compared with the corresponding months in 2023.
Commentary
A Government spokesman said that the value of total restaurant receipts decreased by 2.1% in the second quarter of 2024 from a year earlier, amid the changing consumption patterns of visitors and residents. Yet, after discounting the effects of price changes and seasonal factors, total restaurant receipts bounced back by 2.1% over the preceding quarter in volume terms, indicating that the sector’s performance has stabilised somewhat.
Looking ahead, the business performance of restaurants should still face pressure in the near term. Nonetheless, continued growth of the economy, rising employment earnings, and the SAR Government's strenuous efforts to promote a mega event economy and boost market sentiment would help support the business of restaurants.
Further information
Table 1 presents the revised figures of restaurant receipts by type of restaurant and total purchases by the restaurants sector for the first quarter of 2024 as well as the provisional figures for the second quarter of 2024.
Table 2 and Table 3 present the revised value and volume indices respectively of restaurant receipts by type of restaurant for the first quarter of 2024 and the provisional indices for the second quarter of 2024.
Table 4 presents the year-on-year rate of change in total restaurant receipts in value and volume terms based on the original quarterly series, as well as the quarter-to-quarter rate of change based on the seasonally adjusted series.
The revised figures on restaurant receipts and purchases for the second quarter of 2024 (with breakdown by month) will be released through the website of C&SD (www.censtatd.gov.hk/en/scode540.html) and relevant publications of the Department from September 20, 2024.
The classification of restaurants follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
More detailed statistics are given in the "Report on Quarterly Survey of Restaurant Receipts and Purchases". Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080002&scode=540).
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7401; e-mail: qsr@censtatd.gov.hk).
Ends/Friday, August 2, 2024
Issued at HKT 16:30
Issued at HKT 16:30
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