Around 7 in 10 restaurants confident about the F&B sector outlook for Q2
Business satisfaction rose to 6.5 from 6.1 in Q4 2022.
Restaurants in Hong Kong are positive about the performance of the food and beverage industry as 70% of those surveyed expressed confidence about the outlook for the sector in the second quarter, up from 51% previously.
In a report, Deliveroo said business satisfaction has increased to 6.5 from 6.1 in the last three months of 2022 as the market’s border reopened with the lifting of pandemic restrictions.
Around 64% of restaurants posted an increase in revenue from dine-in business with the return of economic activities, whilst revenue from takeaway remained unchanged or even increased for 59% of the respondents.
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Deliveroo also found that 45% of the restaurants saw a 45% profit increase in the first quarter, whilst 23% maintained a stable profit. The report also showed that 6% of the restaurants are optimistic about the overall economic environment for the quarter.
“With business satisfaction among our restaurant partners improving, we now have clear evidence that Hong Kong F&B industry is recovering rapidly. If you look at the dine-in business, it also shows a significant improvement over the last quarter,” said Deliveroo Hong Kong General Manager Andrew Hui.
The report found that 89% of the restaurants believed that food delivery will remain or become even more important with the easing of COVID-19 measures.