F&B sector revenues decrease 29% y-o-y
Revenues of restaurants & similar establishments and retailers showed a year-on-year decrease in January 2024 due to a high comparison base in the same month last year when the Lunar New Year, the period when business is usually brisk, took place. Meanwhile, sales of the interviewed retailers fell by 29.3% year-on-year in January; sales of Adults’ Clothing Retailers, Watches, Clocks & Jewellery Retailers and Department Stores declined by 36.8%, 34.2% and 30.6% respectively, while sales of Motor Vehicle Retailers grew by 37.3%.
Restaurants & similar establishments expected their revenues to increase month-on-month on account of the Lunar New Year, according to a survey conducted by the Statistics and Census Service (DSEC).
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