Macau reports surge in retail sales value with 80% year-on-year increase

The value of retail sales in Macau had a significant increase in the third quarter of 2023, rising by an astounding 80.1% year over year to MOP20.19 billion ($2.5 billion).

Taking price modifications into consideration, the sales volume index rose by 78% annually. The significant increases in Leather Goods (up 48.1%), Department Stores (up 123.5%), and Watches, Clocks, and Jewelry (up 115.4%) were the main drivers of this increase. Supermarket sales value, however, dropped by 11.3%.

During the first three quarters of 2023, the total value of retail sales in Macau rose by 53.1% year over year to MOP65.68 billion ($8.2 billion). Over time, there was a 50.2% rise in the average sales volume index.

A total of 44% of merchants predict that sales volume will remain the same in the fourth quarter of 2023 compared to 36.4% who predict a decline and 19.6% who predict a growth. Regarding retail prices for the same period, 68.4% of retailers expect stable prices year over year, 19.9% expect increases, and 11.7% expect decreases.

Approximately 41.8% of merchants estimate weak business in the fourth quarter, 41.7% expect consistent performance, and 16.5% anticipate a good outlook when compared to the third quarter of 2023. Shops provided these observations in response to surveys from the Statistics and Census Service (DSEC).

Original story by: Asia Gaming Brief