Hong Kong restaurants expect 10% Lunar New Year boost to business

Hong Kong’s Chinese restaurants expect a 10 per cent rise in business over the Lunar New Year holiday, industry leaders have said, driven by a boost in consumer spending during the festivities and an increase in mainland visitors as a result of a revived multiple-entry visa scheme.

Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, said on Thursday that the catering industry expected to make about HK$1.2 billion (US$154 million) during the three days before the festive holiday.

“This year the industry is expected to enjoy brisk business with a 10 per cent rise in income,” he said.

“Despite the trend of Hongkongers travelling overseas and heading north to spend, there are more mainland visitors coming to the city thanks to the multiple-entry visa scheme, leading to the warming up of spending sentiment.”

The scheme, which allows Shenzhen residents to make an unlimited number of visits to the city within a year to boost the city’s economy, resumed on December 1.

“Also, with more festive events being organised, more locals are willing to dine out and spend. Actually, the industry has enjoyed a marked rise in business over the past two months as more Hongkongers are willing to stay out late,” Wong said.