Economy
Chinese 'eat' 1.8 trillion yuan in 2009
By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2010-01-29 15:36
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China's catering industry grossed 1.8 trillion yuan ($263 billion) in 2009, with a 16.8 increase from the previous year, according to a report by China Cuisine Association (CCA), the Beijing News cited today.
Affected by the "Lipsticks Effect," where people spend more on less expensive items during a downturn in the economy, medium lower grade catering business boomed, while the top restaurants witnessed fewer customers.
Each urban resident in Beijing spent an average of 5,936 yuan ($869) on food last year, up 6.7 percent from the previous year; while they spent 1,646 yuan ($241) eating out, with a year-on-year increase of 17 percent, the report said.
The sales revenue of catering industry is expected to exceed 2 trillion ($292 million) in 2010.
