Restaurant Owners in Tears! Closed in Just 3 Months! 40% Already Closed, 50% Barely Surviving
Restaurant Owners in Tears! Closed in Just 3 Months! 40% Already Closed, 50% Barely Surviving
Udumbara
Restaurant Owners in Tears! Closed in Just 3 Months! 40% Already Closed, 50% Barely Surviving
China's three-year pandemic restrictions have severely impacted the dining sector. According to data, over 1.7 million dining-related businesses have been deregistered or revoked in the past three years, surpassing the total of the previous decade. In 2020, over 320,000 dining outlets were deregistered; in 2021, 935,000; and in 2022, 519,000.
According to data from cuisine fund management, Tomato Capital, by the end of 2022, the total number of food and beverage outlets in the country was 7.75 million, a year-on-year decrease of 10.2%.
Recent company data from Qi Cha Cha indicates that in the first half of 2023, approximately 471,900 food and beverage-related businesses in China were revoked or deregistered. This figure is only 13.9% less than the total for the entirety of 2022 and surpasses the number from 2020. The findings suggest a looming wave of restaurant closures, with recovery post-July looking even more challenging.
