Hong Kong Food Service – Hotel Restaurant Institutional 2022
Since the COVID-19 outbreak in 2020, travel and dining restrictions decimated tourism to the city and negatively impacted the hospitality sector. Hong Kong’s restaurant receipts dropped from $14.4 billion in 2019 to $11.9 billion in 2021. The latest wave of the pandemic since January 2022 further hampered the recovery of the food service sector. The Hong Kong government has launched multiple stimulus measures to help local residents and businesses cope with the COVID-19 adversity. Hong Kong is expected to begin seeing economic recovery in the fourth quarter of 2022 due to the stimulus measures, improvements to the pandemic situation, and more open borders.