Macau: Retail sales in the first three quarters fell by 16.9% year-on-year to MOP 53.48 billion.

On November 20, data from the Statistics and Census Bureau of Macao shows that the retail sales in the first three quarters of 2024 dropped by 16.9% to 53.48 billion Macau Patacas (MOP), which is 95% of the level of the same period in 2019. The retail sales for the third quarter were 16.59 billion MOP, a 2.5% increase compared to the revised sales in the second quarter (16.19 billion MOP); however, it still decreased by 15.5% annually. Compared to the same period in 2023, the retail sales in the first three quarters decreased by 16.9%, with sales of watches and jewelry, leather goods, and communication equipment declining by 26.6%, 24.4%, and 24.3% respectively, while the sales of automobiles increased by 14.4%. The retail sales volume index for the first three quarters, excluding the impact of price factors, decreased by 21.2% annually, with watches and jewelry (-35.3%), leather goods (-26.6%), and communication equipment (-24.1%) showing significant annual declines, while automobiles recorded a 15% growth. In the third quarter, retail sales decreased by 15.5% annually, with watches and jewelry (-30.9%), leather goods (-26.5%), and cosmetics and hygiene products (-23.7%) all experiencing annual declines in sales, while automobiles (+37.6%) and communication equipment (+21.7%) increased. The sales volume index for the third quarter compared to the same period last year dropped by 19.1%, with significant declines in watches and jewelry (-42.8%), leather goods (-27.1%), and cosmetics and hygiene products (-25.2%), while automobiles (+38.3%) and communication equipment (+21.6%) recorded increases. According to the opinions of retail merchants, 45.3% of merchants expect a decrease in merchandise sales volume in the fourth quarter compared to the same quarter last year, 39.5% believe the sales volume will remain similar year-on-year, and 15.2% expect an increase. Additionally, 68.8% of merchants predict that sales prices in the fourth quarter will remain at the same level as the same period last year, 22.2% believe prices will fall, and 9% expect them to rise. Compared to the third quarter, about 40.4% of merchants expect stable business conditions in the fourth quarter, 38.6% anticipate a weakening in business conditions, and 21% believe they will achieve their desired outcomes.