The extent of Macao’s retail woes have been laid bare in the latest figures from the Statistics and Census Service (known by its Portuguese initials DSEC), which show overall retail receipts plunging by more than 22 percent in August, compared to the same month last year.
Watch and jewellery retailers were affected most, suffering a massive 37.3 percent loss of business compared to August 2023. Cosmetics retailers were hit with a 22 percent plunge in takings.
Pickings were also slim among local restaurants. While takings in August showed a slight 2.6 percent rise compared to July, receipts fell by more than 10 percent compared to the same month in 2023.
[See more: Macao restaurants hit with a 13 percent decline in receipts]
Chinese restaurants were the biggest losers, with takings plunging by more than 16.5 percent compared to the same period last year.
As for outlook, 47 percent of retailers, and 53 percent of restaurant operators, interviewed by the DSEC in August felt that their takings would fall in the month ahead. The figures are based on a survey of 229 restaurants and 161 retailers.
Macao’s dining and shopping sectors have been struggling for sometime, as the city’s residents increasingly spend their hard-earned money on the Chinese mainland, where prices are lower and choice far wider.
