At the end of last year, a second-hand equipment recycler told restaurant data website Hongcan.com, “In the first half of the year, we saw a surge in new restaurants opening, but by the second half, a wave of closures began.” However, at the start of 2024, the restaurant market quickly cooled down. According to data from Qichacha, in the first half of this year, 1.31 million new restaurant-related businesses were added nationwide, compared to 1.68 million in the same period in 2023, showing a clear slowdown in growth. The once-popular restaurant sectors like hotpot, tea, and bakery have all seen varying degrees of decline. Specifically, the number of registered bakery and tea-related businesses dropped by around 30% year-on-year, and the number of registered hotpot businesses decreased by more than 7,000.
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China’s Dining Sector’s Corpse Collector: 42 Hotpot Restaurants Closed Within a Month
