Macau hotel price index drops 21% in Q2
The price index declined despite May Day Golden Week.
Macau.- The Statistics and Census Service (DSEC) has reported that Macau’s hotel price index was down 21.08 per cent quarter-on-quarter in the second quarter of the year despite the May Day Golden Week driving demand for hotel rooms. Macau’s Tourist Price Index (TPI) also saw a quarter-on-quarter decline of 2.57 per cent, primarily due to the decrease in hotel room rates.
On a year-on-year basis, the TPI increased by 2.72 per cent, largely driven by higher restaurant charges and increased prices of clothing and footwear. The price index for restaurant services rose by 6.79 per cent year-on-year. However, the indices for entertainment and cultural activities and accommodation dropped by 14.92 per cent and 4.39 per cent, respectively.
The average TPI for the four quarters ending in Q2 2024 rose by 13.14 per cent from the previous period, with accommodation prices seeing the most significant increase. This was largely attributed to the rebound in Macau’s tourism sector following the lifting of travel restrictions in early 2023. In the first half of 2024, the TPI increased by 3.7 per cent year-on-year, although the index for entertainment and cultural activities registered a 15.10 per cent decrease.
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