Of course it is. Think about it. If people have less money, will they eat and drink out all day as before? In jargon, the catering industry is a barometer of the economy, and the prosperity and depression of the economy are directly reflected in the catering industry. It is most obvious in Hong Kong that the financial tsunami has hit Hong Kong the worst in more than a decade. The stock market has plummeted, the property market has been depressed, companies have laid off employees, and investment losses have occurred. Hong Kong people who usually eat out are now saving money to go home and cook. Will the restaurant business be good? Now several companies have closed down.

source: I live in Shenzhen and go to Hong Kong once or twice a month. I know the situation there very well.