CX Daily: Beijingers Spurn Eating Out Amid Sluggish Economy

F&B /

Charts of the Day: Beijingers spurn eating out amid sluggish economy

Beijing’s major food and beverage (F&B) companies saw their combined profits slump almost 90% year-on-year in the first half of the year, government data show, underscoring the weak state of consumption in China’s big cities amid the country’s patchy post-Covid recovery.

In the January-to-June period, their total profits nosedived 88.8% year-on-year to 180.3 million yuan ($25.3 million), according to recently published data by the Beijing Municipal Bureau of Statistics covering firms whose F&B annual revenue is at least 2 million yuan.