Many fluctuations in the F&B market in the first 6 months of the year

With over 13 years of experience in the F&B industry in Vietnam, iPOS.vn is a business providing specialized management solutions for restaurants/cafes. Accompanying more than 100,000 brands with 20 offices nationwide in supporting digital transformation.

Thị trường F&B 6 tháng đầu năm chứng kiến nhiều biến động - Ảnh 1. — Customers experience iPOS.vn's F&B industry solutions

According to a survey of 137 restaurant/cafe owners in many provinces and cities across the country, more than 40.1% of F&B businesses recorded a decrease in revenue in the first half of 2023. In terms of scale, large F&B businesses (with 150 seats or more) had the most obvious impact, with up to 63.6% of businesses recording a decrease in revenue.

The F&B market is witnessing the quiet departure of major brands in expensive areas. However, according to the survey results, only 10.2% of businesses admitted to having to close at least one branch in the past 6 months. At the same time, 26.3% of businesses recorded opening new branches.

Despite the economic difficulties, young people are tending to spend more, with 47.5% of customers admitting that their spending in the first 6 months of the year has increased compared to the same period last year. In particular, the age group from 23 to 25 years old is the group with the highest rate of increased spending.

The survey shows that 30,000 - 45,000 VND is the common spending level that customers are willing to spend on a lunch/dinner. At the same time, 41,000 - 70,000 VND is the cost that customers often spend on "going to a coffee shop". In general, the common spending level of diners has not changed much compared to 2022. However, the high-end segment has a clear change. 9.5% and 7% of diners are willing to spend from 60,000 VND for a lunch/dinner, and from 70,000 VND or more for a coffee shop.

Mr. Vu Thanh Hung - General Director of iPOS.vn Joint Stock Company shared: "The first 6 months of 2023 witnessed strong fluctuations in the F&B market in Vietnam. The majority of food and beverage businesses recorded a decrease in revenue, or remained the same compared to the same period last year. However, the market still showed positive signs from many new business models, positioned in the popular segment. We hope that the results of this survey will be a useful reference for organizations and individuals interested in learning about the F&B industry, helping to consolidate their development orientation in the last 6 months of 2023".

Forecasting the F&B industry business situation in the last 6 months of the year

According to a survey of 200 restaurant/cafe owners, 40.1% of F&B businesses expect more positive signs for the market at the end of the year. However, 38.4% of restaurant/cafe owners believe that the food business market will be more difficult.

On the diner side, with the not-so-optimistic assessments of the economic situation in the last 6 months of 2023, up to 50% of diners will maintain their spending level. In fact, 17.5% of diners want to spend more to experience. In addition, 32.5% of diners will reduce their spending in 2023. Compared to similar figures in the 2022 Food and Beverage Market Report, this rate has grown significantly (only 22.84% in 2022).

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