Third-quarter Macau retail sales surge
Third-quarter Macau retail sales surged 12.8 per cent year on year to 18.19 billion patacas (US$2.26 billion), according to data from the SAR’s Statistic Department.
However, possibly reflecting the timing of typhoons last year and this year, sales rose only 1 per cent quarter on quarter.
Watches and jewellery accounted for 21 per cent of total spending during the quarter. Department stores accounted for 16.3 per cent of the market and apparel 13 per cent.
The increase in third-quarter Macau retail sales was driven by department stores, up 23.1 per cent, communications equipment (up 19.8 per cent) and pharmacy goods, up 19.4 per cent.
For the first nine months of this year, Macau retail sales rose by 20.8 per cent.
However the Statistics Department’s data suggests retailers have modest expectations for the rest of the year. Just 16 per cent of retailers questioned expect an increase in sales for the three months to December, compared with 38.2 per cent who expect a decline and 45.8 per cent who expect sales to remain steady.