Hong Kong New Year's Eve Revenue Drops 10% as Tourism and Spending Remain Low
• Hong Kong restaurants saw a 10% drop in New Year's Eve revenue compared to last year, recording $48.7 million
• The tourist influx was weak, with 227,000 visitors on Dec 31 compared to over 300,000 in 2017 and 2018
• More Hong Kong residents are spending holidays and weekends across the border, hurting local business
• Overall food and drink industry revenue remains low, at $100 billion in 2023 versus $120 billion in 2018
• Retail sales have not recovered to pre-pandemic levels, still only at 50-70% of peak business