“Besides, the local economy has been lacklustre, with the stock market falling continuously. During such times, people tend to cut down on dining expenses.”

Wong said the catering industry made about HK$350 million (US$44.8 million) a day during previous festive seasons, but this year it might not do better than HK$300 million a day.

Over the whole of last year, Hong Kong restaurants’ takings rose 26.1 per cent from the year before to hit HK$109.5 billion, but growth in the fourth quarter slowed to HK$27.4 billion.

The Immigration Department said it expected 7.5 million trips by Hongkongers and visitors from Lunar New Year’s Eve on Friday to February 17, with 6 million trips made through the city’s land checkpoints with mainland China.

“Some Hongkongers who are travelling will only come back after Valentine’s Day,” Wong said.

Some restaurants told the Post they were seeing brisk festive reservations. David Leung Chi-wai, chairman of Seafood Delight Group, which has 13 Chinese restaurants, said bookings for the week from Lunar New Year’s Eve on Friday were mostly full, but not as robust as last year when people went on “revenge” sprees to eat out after three years of being cooped up at home.

“Lunar New Year is a peak season for Chinese restaurants, so our bookings are strong,” he said.

But he added that his restaurants had not yet returned fully to pre-pandemic levels of business, and this was mainly because of Hongkongers going across the border to eat and shop.

Martin Chan Keung, owner of Fresh Seafood Restaurant in Tsim Sha Tsui, said that despite strong bookings over the two weeks leading to Lunar New Year, he was worried about the future.

Chan had to close six restaurants, including four Japanese outlets, which were hit by the state of the economy and the country’s decision to discharge treated nuclear waste water into the ocean.

“I am worried about the low season such as in April and May, when customer spending tends to shrink,” he said. “We have to assess ways out to ride out the difficulties.”

Australian chef and restaurateur Shane Osborn, who runs three restaurants, said business had been picking up.

He said it was a boon for the industry this year that Valentine’s Day next Wednesday fell within the festive season.

“We’ve got really strong bookings on Tuesday and Wednesday, which is great,” he said.

Two of his restaurants – the Michelin-starred Arcane and Cornerstone – are closed from Saturday to Monday, while the third, Moxie, is closed on Sunday only.

Osborn said tourists were not back yet, but he was “cautiously optimistic” going into March and April with the city expected to host Art Basel, Art Central and the Hong Kong Rugby Sevens.

One restaurant owner who has braced herself for a downbeat start to the Year of the Dragon is banker turned chef Tiffany Lo Man-wah.

Her French bistro in Wan Chai called Jean May had only three reservations for lunch on Friday.

Lo said she would close for the first four days of Lunar New Year and reopen for Valentine’s Day on Wednesday.

Compared with the same period last year, business was down by more than 70 per cent, which she found “unbelievable”.

“We hope to have last-minute bookings or walk-ins. It’s completely unpredictable,” she said. “We are crossing our fingers and hoping for the best.”