Hong Kong: Food Service - Hotel Restaurant Institutional
Link to report:
Hong Kong reopened its borders to the world in late 2022, and with mainland China in early 2023. The slow return of inbound tourism has positively improved the situation of the local hospitality and food service sectors. In 2022, Hong Kong’s restaurant receipts dropped 6.4 percent to $11.1 billion compared to 2021 but still above the $10.2 billion in 2020. While inbound tourism has yet to recover to pre-pandemic levels, these sectors continue to adapt to labor shortages, changes in consumer behavior, and high food prices. The Government has launched the "Happy Hong Kong" campaign and organized different activities or promotions across the city to encourage domestic consumption and also the “Hello Hong Kong” campaign to attract more tourism to the city. Hong Kong’s economy is expected to continue recovering and grow between 3 – 5 percent for all of 2023.
