Hong Kong’s upscale seafood scene is fighting to survive amid the global financial crisis, according to a report published this week by the Hong Kong Federation of Restaurants.
Revenue at Hong Kong restaurants has declined an average of 10 percent over the past six months, and upscale restaurants are hurting the most, said the report. Caviar consumption has slipped 7.6 percent from a year ago.
The report reveals that cost-conscious diners in Hong Kong are now opting for more chicken at chain restaurants like Café de Coral over luxury items such as caviar or shark fin in the city’s central business district. Caviar and abalone counters in Hong Kong’s high-end markets and restaurants such as Caviar Kaspia remain empty.
While food is a staple of Hong Kong’s elite, dining out was one of the first things all consumers cut out of their budgets when the global financial crisis took hold. Hong Kong, which has more per capita luxury cars than any other city in the world, is known for its upscale seafood restaurants.
