Hong Kong restaurants pull in HK$27.6 billion in fourth quarter
Recovering mainland economy and improvements in local tourism as well as market sentiment cited as reasons for uptick, government says
Hong Kong restaurant diners spent HK$27.6 billion (US$3.5 billion) in the fourth quarter of 2024, a small increase in year-on-year sales, with the government attributing the growth to a recovering mainland Chinese economy and improvements in local tourism and market sentiment.
Provisional data released by the Census and Statistics Department on Thursday showed the total value of restaurant receipts rose by 0.4 per cent year on year in the fourth quarter.
The quarterly figure brings the value of total restaurant receipts for the year to HK$109.4 billion, 0.1 per cent lower than in 2023.
Meanwhile, the value of total purchases by restaurants – the amount spent on acquiring goods and services for operations – decreased by 2.5 per cent to HK$8.9 billion in the fourth quarter compared with the same period in 2023.
“Looking ahead, the restaurant sector will continue to be supported by the various central government measures to boost the mainland economy and benefit Hong Kong,” a government spokesman said, adding local efforts to bolster market sentiment and promote tourism, as well as increases in employment earnings, helped as well.
