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29 Sep, 2022 06:24

Hospitality industry growth in Russia revealed

The total number of new bars and restaurants has exceeded pre-Covid levels, trade data shows
Hospitality industry growth in Russia revealed

The number of restaurants and bars in Russia has exceeded 176,000 as of September, growing by more than three percent compared to pre-pandemic levels, RIA Novosti reported on Wednesday, citing a study by analytical service Focus.Kontur.

“Since the beginning of 2021, the number of catering organizations has increased by 8.3%. The growth began in April last year and continues to this day,” analysts wrote. “As of September 2022, more than 176,000 companies are registered on the Russian market,” they added, specifying that the number of cafes and restaurants stood at around 149,000, followed by bars (over 9,000) and canteens (17,500).

The study showed that at the beginning of the coronavirus pandemic, in late 2019 and early 2020, the number of catering organizations in Russia averaged about 170,000 companies.

“Public catering shows a growth trend, but still continues to recover after a decline in sales in the industry, which were affected by coronavirus restrictions. The services of restaurants, cafes, and bars are still in demand, and people are willing to pay for them, even if it is a little more expensive,” the experts said.

At the same time, analysts noted that since the beginning of 2021, about 60,000 catering companies have gone into liquidation.

“The growth in the number of catering organizations is more of a recovery character after Covid. Due to restrictive measures and lockdown, most of the establishments had to be liquidated, but over time, the industry has overcome difficulties and started to grow,” the experts concluded.

For more stories on economy & finance visit RT's business section

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