Provisional statistics of restaurant receipts and purchases for first quarter of 2022
*************************************************************************************
The value of total receipts of the restaurants sector in the first quarter of 2022, provisionally estimated at $15.2 billion, decreased by 23.1% over a year earlier. Over the same period, the provisional estimate of the value of total purchases by restaurants decreased by 18.9% to $5.2 billion.
After netting out the effect of price changes over the same period, the provisional estimate of the volume of total restaurant receipts decreased by 25.4% in the first quarter of 2022 compared with a year earlier.
Analysed by type of restaurant and comparing the first quarter of 2022 with the first quarter of 2021, total receipts of Chinese restaurants decreased by 33.5% in value and 35.4% in volume. Total receipts of non-Chinese restaurants decreased by 23.6% in value and 26.1% in volume. Total receipts of fast food shops decreased by 11.3% in value and 13.9% in volume. Total receipts of bars decreased by 34.9% in value and 34.0% in volume. As for miscellaneous eating and drinking places, total receipts decreased by 12.9% in value and 15.1% in volume.
Based on the seasonally adjusted series, the provisional estimate of total restaurant receipts decreased by 40.2% in value and 39.5% in volume in the first quarter of 2022 compared with the preceding quarter.
To facilitate further understanding of the short-term business performance of the restaurants sector, statistics in respect of the restaurant receipts and purchases in individual months of the reference quarter are also compiled.
Analysed by month, it was provisionally estimated that the value of total receipts of the restaurants sector increased by 15.3% in January, but decreased by 31.4% and 46.9% respectively in February and March 2022, compared with the corresponding months in 2021.
After discounting the effect of price changes, it was provisionally estimated that the volume of total restaurant receipts increased by 11.3% in January, but decreased by 33.4% and 48.4% respectively in February and March 2022, compared with the corresponding months in 2021.
Commentary
A Government spokesman said that business of restaurants deteriorated sharply in the first quarter of 2022 due to the fifth wave of local epidemic and the resultant restrictive measures. The value of total restaurant receipts fell visibly by 23.1% year-on-year despite a low base of comparison. On a seasonally adjusted quarter-to-quarter comparison, it plunged by 40.2%.
The spokesman pointed out that the easing local epidemic situation and gradual relaxation of social distancing measures, as well as the launch of a new round of Consumption Voucher Scheme, should provide support to business of restaurants in the coming months. Various other support measures rolled out by the Government should also help. It is essential for the community to work in unison to support the Government to further stabilise the local epidemic situation. The Government will continue to monitor the developments closely.
Further information
Table 1 presents the revised figures of restaurant receipts by type of restaurant and total purchases by the restaurants sector for the fourth quarter of 2021 as well as the provisional figures for the first quarter of 2022.
Table 2 and Table 3 present the revised value and volume indices respectively of restaurant receipts by type of restaurant for the fourth quarter of 2021 and the provisional indices for the first quarter of 2022.
Table 4 presents the year-on-year rate of change in total restaurant receipts in value and volume terms based on the original quarterly series, as well as the quarter-to-quarter rate of change based on the seasonally adjusted series.
The revised figures on restaurant receipts and purchases for the first quarter of 2022 (with breakdown by month) will be released through the website of C&SD (www.censtatd.gov.hk/en/scode540.html) and relevant publications of the Department from June 20, 2022.
The classification of restaurants follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
More detailed statistics are given in the "Report on Quarterly Survey of Restaurant Receipts and Purchases". Users can download this publication at the website of C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080002&scode=540).
Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7401; email: qsr@censtatd.gov.hk).
Ends/Friday, May 6, 2022
Issued at HKT 16:30
Issued at HKT 16:30
NNNN