A total of 36% of interviewed restaurants and similar establishments are expecting their receipts to decrease month-on-month, according to data from the Statistics and Census Service (DSEC). In contrast, about 22% of the interviewed establishments predicted that their receipts would increase month-on-month in January.
DSEC data indicated that business climate improved markedly in 2023 compared to 2022, with receipts of the interviewed restaurants and similar establishments and retailers showing year-on-year increases in each month throughout the year. Both industries saw comparatively large growth in receipts in June and July, which was attributed to a low base of comparison in 2022.
Despite robust economic growth and recovering consumer spending, restaurants and retailers in non-tourist areas are far from full recovery.
Lawmaker and businessman Chan Chak Mo recently said that government must still determine how to best help restaurants in districts less frequently visited by tourists.
Meanwhile, with respect to retail trade, 35% of interviewed retailers expect a month-on-month sales decline in January, with over half of the Motor Vehicle Retailers (64%) and Cosmetics & Sanitary Articles Retailers (55%) forecasting a decrease in sales. By contrast, around 30% of the interviewed retailers anticipated a month-on-month sales increase in January. The corresponding proportions for supermarkets and leather goods retailers were 44% and 40% respectively. LV
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