Takarékbank analysis: catering turnover increased by 5.8%

By: Trademagazin Date: 2022. 09. 14. 09:51

Compared to the rising base due to the gradual opening a year ago, the volume of catering turnover increased by 5.8% in July after the 14.7% increase in June, while its sales revenue increased by 26.5%. In the summer, the recovery of the catering sector could continue, which is supported by the increasingly strong recovery of international tourism, which also supports GDP growth in the coming quarters.

Wages in the sector had to be raised significantly due to the labor shortage

The improvement in tourism also supports the balance of services and, through this, the improvement of the current account. The almost complete lifting of anti-epidemic restrictions will definitely boost European tourism, however, the outlook is worsened by a more cautious attitude due to the war, the drastic rise in energy and food prices, which can significantly impair purchasing power, as well as the disruptions experienced in air transport.

Reception of guests from outside Europe may recover much more slowly. Larger domestic sports events can once again attract a significant number of foreign spectators. At the same time, a number of mass festivals were missed last year, so the resulting traffic in restaurants fell last year, but this year they were held with full houses, so the performance of the sector could improve in the third quarter as well. At the same time, the hospitality industry faced many difficulties in the past period, on the one hand, wages had to be raised significantly due to the increased labor shortage, while the double-digit price increase of nearly 20% was inevitable due to the skyrocketing energy and food prices.

Suppan Gergely/Magyar Bankholding