Only slow current value growth is expected for full-service restaurants 2023, and a decline in transaction volumes, despite the country gradually returning to post-pandemic normality. Rising economic uncertainty and the challenges faced by foodservice establishments due to intense competition and the labour crunch will result in current value recovery being slow and long-term over the forecast period, set to reach the pre-pandemic level in 2026.
With goods and services (GST) tax rises set to be implemented in 2023 and 2024, independent full-service restaurants are expected to be more affected than chained, as they are not GST-registered and are unable to recover the GST charged. The delay of the GST tax hike to 2023 has given full-service restaurants additional time to plan, to cope with rising energy and food costs, and also review their pricing strategy.
The tourist influx propelled strong growth in full-service restaurants in 2022, and this is expected to continue in 2023, along with even greater international border movement. With the gradual easing of pandemic-related restrictions, together with a very high vaccination rate and a well-prepared healthcare system, Singapore is amongst the top destinations to visit in the Asia Pacific region, as it gives tourists greater peace of mind.
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Understand the latest market trends and future growth opportunities for the Full-Service Restaurants industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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FSR (full-service restaurants) encompasses all sit-down establishments where the focus is on food rather than on drink. FSR is characterized by table service and a relatively higher quality of food compared to quick-service units. Menus offer multiple selections and may include breakfast, lunch and dinner. Preparation of food products is often complex and involves multiple steps. NOTE: restaurants types catalogued in this segment refer to table-service only (outlets with a proper “full table service:” wait staff attending customers and taking orders at the tables). Outlets with “limited table service” are excluded from FSR. For example: outlets where customers order their food at the counter are excluded (even though the waiter will then bring the food at the table).See All of Our Definitions
This report originates from Passport, our Full-Service Restaurants research and analysis database.
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