The food and beverage industry experienced a significant decline in April 2024. The year-on-year percentage change in income, measured at constant 2019 prices, shows a 4.6% decrease compared to April 2023. This decline highlights the challenges the industry is facing in the current economic climate.
Income Decline by Type of Income
Total income generated by the food and beverage industry decreased by 4.6% in April 2024 compared to April 2023. The most substantial negative growth rates were recorded for “other” income and bar sales. “Other” income saw a decline of 15.4%, while bar sales dropped by 9.2%. This significant drop in bar sales is a notable concern for the industry.
| Type of Income | Year-on-Year Percentage Change |
|---|---|
| Other Income | -15.4% |
| Bar Sales | -9.2% |
Income Decline by Type of Enterprise
The decline in the food and beverage industry’s income was not uniform across different types of enterprises. Restaurants and coffee shops were major contributors to the overall decrease. They recorded a 4.6% decline, contributing -2.4 percentage points to the total drop. Takeaway and fast-food outlets saw a 5.2% decline, contributing -1.9 percentage points.
| Type of Enterprise | Year-on-Year Percentage Change | Contribution to Total Drop |
|---|---|---|
| Restaurants and Coffee Shops | -4.6% | -2.4 percentage points |
| Takeaway and Fast-Food Outlets | -5.2% | -1.9 percentage points |
Three-Month Performance
Despite the overall decline in April 2024, the industry saw some positive trends over the latest three-month period. Total income increased by 1.2% in the three months ending April 2024 compared to the same period in 2023. Restaurants and coffee shops were the main contributors to this increase. They recorded a 2.4% increase, contributing 1.3 percentage points to the overall growth.
| Type of Enterprise | Three-Month Percentage Change | Contribution to Total Growth |
|---|---|---|
| Restaurants and Coffee Shops | 2.4% | 1.3 percentage points |
Seasonal Adjustments
The seasonally adjusted income for the food and beverage industry decreased by 4.0% in April 2024 compared to March 2024. This follows a 2.0% decline in March 2024 and a 6.8% increase in February 2024. The fluctuations in the monthly income highlight the volatility in the industry.
Analysis
The decline in the food and beverage industry’s income in April 2024 can be attributed to several factors. The significant drop in “other” income and bar sales suggests a decrease in discretionary spending by consumers. The decline in income from restaurants, coffee shops, takeaway, and fast-food outlets indicates a shift in consumer behavior.
The positive performance over the three-month period ending April 2024 provides a glimmer of hope for the industry. The growth in income from restaurants and coffee shops suggests that consumers are still dining out, albeit at a reduced rate. However, the overall decline in April 2024 indicates that the industry is still facing challenges.
Conclusion
The food and beverage industry experienced a significant decline in April 2024. The year-on-year decrease of 4.6% highlights the challenges the industry is facing. The decline was driven by significant drops in “other” income and bar sales. Restaurants and coffee shops, as well as takeaway and fast-food outlets, also contributed to the overall decline. However, the positive performance over the three-month period ending April 2024 suggests some resilience in the industry.