Charts of the Day: Beijingers Spurn Eating Out Amid Sluggish Economy

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Beijing’s major food and beverage (F&B) companies saw their combined profits slump almost 90% year-on-year in the first half of the year, government data show, underscoring the weak state of consumption in China’s big cities amid the country’s patchy post-Covid recovery.

In the January-to-June period, their total profits nosedived 88.8% year-on-year to 180.3 million yuan ($25.3 million), according to recently published data by the Beijing Municipal Bureau of Statistics covering firms whose F&B annual revenue is at least 2 million yuan.

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Beijing's F&B companies saw an 88.8% profit drop in H1 2024, totaling 180.3 million yuan.
Beijing's retail sales dipped by 0.3%, while China's overall retail sales grew by 3.7% in the same period.
Slowed income growth and reduced consumption in major cities like Beijing and Shanghai are attributed to economic factors, impacting high-end dining and luxury retail.

AI generated, for reference only

What Happened When

First quarter of 2024：: Beijing’s major F&B companies recorded a loss of 453.7 million yuan.

January-to-June period of 2024：: Total profits of Beijing’s major F&B companies nosedived 88.8% year-on-year to 180.3 million yuan.

First half of 2024：: China’s total retail sales of consumer goods increased 3.7% year-on-year, with F&B sector growing 7.9%, while Beijing’s total retail sales dipped 0.3%.

First half of 2024：: Shanghai’s major hospitality service providers suffered a combined operating loss of 770 million yuan.

First half of 2024：: Share of consumption in per capita disposable income for Beijing was 56.1%, down from 62.4% in the same period in 2019.

First half of 2024：: Share of consumption in per capita disposable income for Shanghai dropped to 58.9% from 63.8% in the pre-pandemic level.

First six months of 2024：: Shanghai’s total retail sales of consumer goods dropped 2.3% year-on-year.

By the first half of 2024：: Beijing’s major F&B companies saw their combined profits slump nearly 90% year-on-year.

By the first half of 2024：: Profits earned through fast-food services in Beijing amounted to 243.8 million yuan, while the formal dining-out sector reported a loss of 76.5 million yuan.

AI generated, for reference only