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Lunar New Year Looks Lucrative for Singapore Restaurants

Places report a 10% increase over pre-pandemic holiday sales as the Year of the Tiger kicks off on Feb 1.

Yu sheng, the celebratory fish salad that’s a Lunar New Year staple, with tuna sashimi and Ibérico ham at Raffles. 

Yu sheng, the celebratory fish salad that’s a Lunar New Year staple, with tuna sashimi and Ibérico ham at Raffles. 

Source: The Raffles Hotel Singapore

As the world marks the start of  the Year of the Tiger on Feb. 1, the question for Asia’s food and beverage industry: Will Lunar New Year be as good for business as it was before the Covid-19 pandemic?

Last year, consumers in China spent around $127 billion on Lunar New Year-related dining and shopping, according to China’s Commerce Ministry. That figure was 29% higher than in 2020, but marked a decrease from 2019’s $158 billion. This year, even as pandemic restrictions on travel and dining out continue in such destinations as Hong Kong and Singapore, there are signs of a continued recovery for many restaurants and businesses.