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Halfway through 2024, the dreams of many caterers have been shattered in China.
Data shows that in the first half of this year, more than 1 million catering companies have closed down across the country, equivalent to last year’s total. In previous years, the period from summer to National Day was the golden period for the catering industry, but the situation is quite different this year. Since May, many restaurants have closed down, including many time-honored and larger restaurants that have been in business for more than ten years. Even in university towns crowded with people in previous years, many shops have not been spared.
The catering industry has gone bankrupt in large numbers, Luxury resort estates sold at auction, and first-tier cities can’t hold on anymore.
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