Hong Kong restaurants set for lukewarm start to Year of the Dragon, as business takes hit from residents leaving city for break
- Industry’s daily takings down by 15 per cent compared with past festive seasons, Hong Kong Federation of Restaurants says
- Trend of people crossing the border to eat out and shop leaves restaurant owners worried about outlook
Hong Kong restaurants enjoying strong bookings over the Lunar New Year are not cheering yet, worrying instead about the city’s weakened economy and the ongoing trend of residents going across the border to eat out and spend.
Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, estimated there would be about 15 per cent fewer bookings of banquet tables during the festive season compared to last year, when people rushed to dine out after almost three years of stringent coronavirus curbs.
“Bookings for family reunion dinners and company banquets have slackened compared with last year as Hongkongers are either going to the mainland for dining and shopping sprees or travelling overseas,” he said.
“Besides, the local economy has been lacklustre, with the stock market falling continuously. During such times, people tend to cut down on dining expenses.”
Wong said the catering industry made about HK$350 million (US$44.8 million) a day during previous festive seasons, but this year it might not do better than HK$300 million a day.
