F&B outlets report rise in July revenue
Receipts for restaurants and similar establishments rose 7.4% month-on-month in July, according to the Statistics and Census Service (DSEC). Local Style Cafes, Congee & Noodle Shops; and Chinese Restaurants saw increases of, respectively, 7.8% and 7.3%. Retail sales also improved, climbing 5.4% month-on-month, particularly in motor vehicle, clothing, and cosmetics sectors. However, when compared to July 2023, restaurant receipts dropped 13.3%, with notable declines in Chinese, Japanese, and Western restaurants. Retail sales fell 26.4% year-on-year, especially in watches and leather goods. Looking ahead to August, optimism is evident as 31% of restaurant operators expect increased receipts, while 35% of retailers anticipate sales growth, reflecting a positive business outlook for both sectors.
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