Despite the May Day Golden Week falling in the second quarter, typically a period of high demand for hotel rooms, the price index of accommodation in Macau declined by 21.08 percent quarter-on-quarter in 2Q24, according to information from the Statistics and Census Service (DSEC).
This decline was attributed to lower hotel room rates during the quarter.
Overall, Macau’s Tourist Price Index (TPI) for Q2 2024 decreased by 2.57 percent quarter-on-quarter to 140.96.
On a year-on-year basis, Macau’s TPI increased by 2.72 percent, driven by higher restaurant charges and increased prices for clothing and footwear.
According to data released on Friday, the price indices for restaurant services grew by 6.79 percent year-on-year, while the indices for entertainment and cultural activities and accommodation dropped by 14.92 percent and 4.39 percent, respectively.
The average TPI for the last four quarters ending in Q2 2024 rose by 13.14 percent from the previous period, with the price index of accommodation seeing the most significant increase of 55.27 percent.
This increase was mainly due to the rebound in Macau tourism after the removal of all travel restrictions in early 2023.
For the first half of 2024, the TPI increased by 3.7 percent year-on-year, while the index for entertainment and cultural activities registered a decrease of 15.10 percent.
