The total value of retail sales in Macao in 2024 decreased by 14.9 percent in 2024, when compared with the year prior, according to new figures from the Statistics and Census Service (known by its Portuguese initials DSEC). It amounted to 71.99 billion patacas (US$8.9 billion).
After removing the effect of price changes, the average sales volume index in 2024 went down by 18.7 percent year-on-year.
The sales values of watches and jewellery, leather goods and department stores – three major retail trade activities in Macao – dropped by 25.3 percent, 22.6 percent and 18.6 percent respectively year-on-year. In terms of volume, these categories experienced 34.9 percent, 24.2 percent and 20 percent declines over the period. Supermarket sales held steady year-on-year, while motor vehicle sales grew by 16.1 percent in terms of value and 16.3 percent in terms of volume.
[See more: In another blow to Macao’s retailers, Taobao sales surge fourfold]
The value of retail sales in the fourth quarter, meanwhile, saw a year-on-year decline of 8.6 percent – though grew by 11.6 percent when compared with the third quarter.
DSEC’s survey of retailers found only 6.7 percent expected their businesses would perform better in the first quarter of 2025 compared to the final quarter of 2025. Almost 56 percent forecast a slowdown, while 37.6 percent predicted a stable performance.
It’s well-established that Macao’s retailers are struggling as locals increasingly head to neighbouring Zhuhai to do their shopping. The lure of the mainland’s cheaper prices and larger variety, combined with a series of policies making it easier to travel there, mean Macao-based businesses have it worse now than during the Covid-19 pandemic, according to one business leader.
