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Restaurant Receipts Dip in Q2 2024, Fast Food Shows Growth

HK

Restaurant Receipts Dip in Q2 2024, Fast Food Shows Growth
HK

HK

Restaurant Receipts Dip in Q2 2024, Fast Food Shows Growth

2024-08-02 16:30 Last Updated At:08-03 00:58

Provisional statistics of restaurant receipts and purchases for second quarter of 2024

The Census and Statistics Department (C&SD) released the latest provisional figures on restaurant receipts and purchases today (August 2).

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).

Source: AI-generated images

Source: AI-generated images

Next Article

Hong Kong Customs Cracks Down on Infringing Goods at Lunar New Year Fairs

2025-01-23 15:30 Last Updated At:15:38

Hong Kong Customs inspects Lunar New Year fairs and promotes anti-infringing messages

Hong Kong Customs officers today (January 23) distributed pamphlets to stall operators at various Lunar New Year (LNY) fairs to remind them not to sell infringing goods.

The Divisional Commander (Intellectual Property General Investigation) of Customs, Mr Ho Chun-wing, said that during the LNY period, Customs will conduct inspections at all 15 LNY fairs across the districts and take stringent enforcement actions against infringing activities to protect consumer interests.

As early as last October and November, Customs distributed pamphlets to successful bidders for the LNY Fair stalls, reminding them to be cautious about the authenticity and origin of goods when merchandising. They were also reminded to verify with the corresponding agents or representatives of trademark and copyright owners if in doubt.

Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

Under the Copyright Ordinance, any person who sells or possesses for sale any infringing goods commits an offence. The maximum penalty upon conviction is a fine of $50,000 per infringing copy and imprisonment for four years.

Members of the public may report any suspected infringing activities to Customs 24-hour hotline 182 8080 or its dedicated crime reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Hong Kong Customs inspects Lunar New Year fairs and promotes anti-infringing messages  Source: HKSAR Government Press Releases

Hong Kong Customs inspects Lunar New Year fairs and promotes anti-infringing messages Source: HKSAR Government Press Releases

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