A total of 61 per cent of surveyed Restaurants & Similar Establishments and 53.4 per cent of surveyed Retail Trade businesses said they registered yearly increases in receipts in January 2017.
The results collected by the Statistic and Census Services (DSEC) were the highest since it conducted its first Business Climate survey on both sectors in July 2016.
The study involved interviews with 167 food business establishments, accounting for 53 per cent of the sector in the city, and 135 retail businesses representing 73 per cent of the sector.
On a month-to-month comparison, the percentage of Restaurants & Similar Establishments and Retail Trade reporting increases in receipts went up by 27 percentage points and 11 percentage points respectively, from December 2016.
The increases were as a result of the spike in business created by the Chinese New Year period, with both sectors expecting a slow down in business in February.
Leather all good
For the Retail Trade sector, all interviewed leather retailers stated that they had experienced a yearly increase in receipts in January this year, the same result as registered in the last month of 2016.
The number of retailers reporting a decrease in yearly receipts in January fell by 17.3 percentage points from December 2016, with 31.6 per cent of retailers claiming to have had decreases.
Of the remaining retail businesses, a total of 77.8 per cent of interviewed supermarkets and 65 per cent of adult clothes retailers stated that their receipts had increased in January, with 60 per cent of Cosmetics & Sanitary Articles Retailers stating that their business had increased.
Within the Restaurants & Similar Establishments, 91 per cent of the Chinese restaurants interviewed had recorded a yearly increase in receipts in January, followed by 65 per cent of Western Restaurants, and 50 per cent of Japanese and Korean restaurants.
The percentages of Western Restaurants, Chinese Restaurants and Japanese & Korean Restaurants reporting increased receipts in the first month of this year exceeded estimates considerably, by 45, 34 and 25 percentage points, respectively.