Half of local restaurants reported revenue growth in March

Almost half of the restaurants interviewed in the March business climate survey reported year-on-year growth in revenue for that month, up by 10 percentage points from the proportion that registered growth in February.

Around 47 percent of the restaurants reported an increase in revenue. The proportions of Chinese restaurants (48 percent), Japanese and Korean restaurants (56 percent), and Western restaurants (35 percent) reporting growth went up by about 30, 25 and 10 percentage points, respectively.

The business climate survey is conducted by the Statistics and Census Service (DSEC). It analyzes the value of receipts from a total of 167 restaurants, accounting for 53 percent of revenue from the whole sector. It compiles the business performance and expectations of firms within the sample.

Concurrent with the increase in revenue recorded within the restaurant sector, the proportion of interviewed restaurants that reported a year-on-year decline in receipts went down by 17 percentage points from February to 35 percent. Chinese and Japanese-Korean restaurants recorded respective declines of 34 and 19 percentage points in March.

The survey also interviewed some 135 retailers, accounting for 70 percent of the industry’s receipts.

DSEC said in a statement that, similar to the restaurant sector, half of interviewed retailers reported a year-on-year increase in March sales, up by 20 percentage points from the proportion in the previous month.

In the restaurant sector, around 41 percent of interviewed firms expected their revenue to hold steady in April, while a similar number (39 percent) expected a decline.

According to DSEC, the business sentiment for April was more positive for retailers in the city, with one-quarter saying that they expected an increase.