Macau Tourist Price Index up by 26.2 to 150.5 in 4Q23

Authorities attributed the increase to higher hotel room rates, clothing, jewellery, and restaurant services.

Macau.- The Statistics and Census Service (DSEC) reported that Macau’s Tourist Price Index (TPI) for the fourth quarter of 2023 witnessed a year-on-year increase of 26.2 per cent, reaching a notable 150.5. 

This surge was primarily attributed to elevated hotel room rates and heightened costs in clothing and jewellery, coupled with an upswing in charges for restaurant services.

The price index for accommodation surged by 178.7 per cent year-on-year. The price indices of restaurant services rose by 2.4 per cent when compared to the previous year.

Comparing the fourth quarter with the preceding one, the TPI saw a 6.6 per cent increase. The price index for Accommodation recorded a 19.8 per cent rise, largely fueled by elevated hotel room rates during the National Day holidays and the Grand Prix.

For the entire year of 2023, the average TPI rose by 21.53 per cent year-on-year, reaching 141.8. This overall increase can be attributed to escalated hotel room rates, elevated prices of clothing, increased charges for restaurant services, and a surge in the prices of local food products. 

The price index for accommodation was up 158 per cent year-on-year, and restaurant services also recorded a growth of 2 per cent.