Macau’s retail sales decreased by 15 percent year on year, reaching 17.58 billion patacas in the first quarter of this year, the Statistics and Census Bureau (DSEC) announced earlier this week.
Quarter-on-quarter, retail sales fell by 4.6 percent. Sales of communication equipment dropped by 38.8 percent, while sales of Chinese food products increased by 9.7 percent.
A DSEC statement noted that Macau’s retail sales experienced rapid growth in 2023 due to pent-up demand following the COVID-19 pandemic. However, the bureau indicated that retail sales began to show a year-on-year decline in the first quarter of 2024 due to a relatively high comparison base, shifts in consumption patterns, and other factors.
The bureau emphasised that retail sales in the first quarter of this year were at 86 percent of the level recorded in 2019.
The COVID-19 pandemic impacted Macau’s economy from early 2020 until late 2023.
