Although sales grew 8 percent on a month-on-month basis in December 2024, Macao’s retail sector appears to be continuing its long-term downward trajectory, with the latest government data showing overall takings falling 21.1 percent in the month compared to a year earlier.
Watch and jewellery boutiques saw sales rise 16.4 percent compared to November 2024, but suffered a precipitous decline of 31.5 percent year-on-year. This was followed by sellers of leather goods, as well as department stores, whose sales plummeted by 25.9 percent and 20.8 percent respectively compared to December 2023.
Only motor vehicle retailers were able to buck the trend, increasing their sales by a whopping 36 percent year on year.
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Easier vehicular travel to the mainland appears to have led to rising demand for autos and an increased desire by locals to drive north on weekends and other holidays. The popularity of the mainland threatens to make the outlook even gloomier for local retailers, who cannot match their northern competitors on price or variety.
Restaurants in Macao also continued to face headwinds. Compared to November 2024, the business volume of restaurants in December rose by 5.7 percent, but it fell by 5.6 percent when compared to December 2023. Chinese restaurants fared the worst, dropping by 10.3 percent year-on-year. Meanwhile, restaurants serving Western food saw their receipts dip by 4.4 percent.
The only strong performers, year on year, were Japanese and Korean eateries, whose takings rose 10.9 percent.
