Insider look: restaurant spending trends in q1 2024
The Census and Statistics Department (C&SD) released the latest provisional figures on restaurant receipts and purchases today (May 6).
The value of total receipts of the restaurants sector in the first quarter of 2024, provisionally estimated at $28.2 billion, increased by 2.3% over a year earlier. Over the same period, the provisional estimate of the value of total purchases by restaurants decreased by 0.3% to $9.0 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 0.7% in the first quarter of 2024 compared with a year earlier.
Analysed by type of restaurant and comparing the first quarter of 2024 with the first quarter of 2023, total receipts of Chinese restaurants increased by 1.3% in value, but decreased by 1.8% in volume. Total receipts of non-Chinese restaurants increased by 1.0% in value, but decreased by 1.5% in volume. Total receipts of fast food shops increased by 5.8% in value and 2.2% in volume. Total receipts of bars decreased by 17.8% in value and 19.7% in volume. As for miscellaneous eating and drinking places, total receipts increased by 6.9% in value and 3.0% in volume.
Based on the seasonally adjusted series, the provisional estimate of total restaurant receipts decreased by 1.8% in value and 2.4% in volume in the first quarter of 2024 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 decreased by 0.3%, increased by 8.1% and decreased by 0.3% respectively in January, February and March 2024, compared with the corresponding months in 2023.
After discounting the effect of price changes, it was provisionally estimated that the volume of total restaurant receipts decreased by 3.1%, increased by 4.6% and decreased by 3.3% respectively in January, February and March 2024, compared with the corresponding months in 2023.
Commentary
A Government spokesman said that business of restaurants saw decelerated growth in the first quarter of 2024 after a sharp rebound in the past year. The value of total restaurant receipts increased by 2.3% over a year ago.
Looking ahead, business of restaurants should continue to be supported by the Government's measures in boosting confidence, as well as the revival of inbound tourism and increase in employment income. Yet, the changing consumption patterns of visitors and residents may pose challenges.
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 2023 as well as the provisional figures for the first quarter of 2024.
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 2023 and the provisional indices for the first quarter of 2024.
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 2024 (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, 2024.
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 browse and download the publication at the website of the 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).
Source: AI-generated images
