Singapore’s F&B industry back to pre-Covid levels but cautious outlook remains

AN UNCERTAIN economic outlook has not dampened Singaporeans’ appetite for good food, with business for most mid- to high-end restaurants reaching or exceeding pre-Covid levels. This comes even as higher operating costs and manpower woes eat into companies’ profit margins.

While big spenders are leading the way as they splurge at upscale eateries, F&B operators and hotels said they are seeing gains across all market segments. Corporate functions and big events are also coming back strongly, benefiting larger eateries that lost all their entertainment-related business during the pandemic.

Yet, not all is rosy on the dining front. New entrants to the high-end scene mean more competition for established players; inbound tourism has yet to make up for Singaporeans who are travelling rather than dining locally; and manpower still remains a major headache.