Revenues of restaurants and similar establishments interviewed as part of a Statistics and Census Service (DSEC) survey dropped by 6.3% year-on-year in August 2022, with Local Style Cafes, Congee & Noodle Shops and Western Restaurants recording respective decreases of 13.5% and 10.1%.
However, data from the DSEC shows that in comparison with July, the sector’s receipts surged by 159.5% in August.
Still, the baseline was low as the sector suffered from the partial lockdown that led to a halt in services for non-essential businesses. Restaurants were only operating take-away services.
As regards the business expectations for September, 52% of the interviewed restaurants & similar establishments were expecting their receipts to increase month-on-month in September.
On the other hand, 15% of the interviewed establishments predicted that their receipts would decrease month-on-month in September. Meanwhile, half of the interviewed retailers anticipated month-on-month sales growth in September.
The sample of the Business Climate Survey on Restaurants & Similar Establishments and Retail Trade comprises 229 restaurants & similar establishments and 161 retailers, which accounted for 53.5% and 70.6% of the respective industry’s receipts in 2019. LV
