Macau’s Tourist Price Index exceeds pre-pandemic levels

The Tourist Price Index (TPI) for Macau increased by 21.53% year over year to 141.77 in 2023, mostly as a result of growing hotel room prices and clothing expenditures.

The TPI in the fourth quarter of 2023 was 150.47, according to statistics released by the Macau Statistics and Census Service (DSEC). This represents a rise of 6.59% over the third quarter and 26.15% year over year.

The hotel accommodation price index increased by 19.82% from the third quarter to 174.76 in the fourth quarter, marking a noteworthy 179% increase over the same period in 2022. The increase in hotel bookings during the Macau Grand Prix season and the National Day holiday was the reason given by DSEC for the quarter-over-quarter boost.

The hotel accommodation pricing index was at 147.39, indicating a stunning 158% year-over-year increase, while the total 2023 TPI was 141.77. Additional TPI components had increases of 6.88%, 3.68%, and 2.00%, correspondingly, in clothing and footwear, food, and alcoholic drinks, and food and beverages.

In comparison to pre-COVID-19 levels in 2019, these numbers demonstrate a notable increase in overall visitor expenditures, particularly in the hotel accommodation industry. With a Price Index for Hotel Accommodation of 133.75, the TPI for the whole year 2019 was 133.85.

Original story by: IAG