Chinese catering companies’ recovery rate fell to 70% in Sept from 75% – Goldman Sachs
MACRO VIEWS & ANALYSIS
Chinese catering companies’ recovery rate fell to 70% in Sept from 75% – Goldman Sachs
MACRO VIEWS & ANALYSIS

Chinese catering companies’ recovery rate fell to 70% in Sept from 75% – Goldman Sachs

 

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The recovery rate of the same-store-sales of Chinese catering companies tapered off from 75% in May-August to 70% in September, as compared to the same period in 2019, reaching its year-to-date trough, Goldman Sachs said in a note. 

Apart from the impact of the low season, the lackluster performance was possibly attributable to the typhoon that plagued the coastal areas of Guangdong across September, where the physical stores of many brands were located, hit said.

Over the Golden Week holidays this year, the average recovery rate stood at 85%, similar to that during the Labor Day holiday, it said.

However, given that the Golden Week holiday lasted for eight days, the average daily traffic should be lower than that during the Labor Day holiday, it added.