Information from the Statistics and Census Service (DSEC) indicated that the Tourist Price Index (TPI) for the third quarter of 2023 increased by 22.22% year-on-year to 141.16. The rise was mainly attributable to higher hotel room rates, rising charges for restaurant services and dearer prices of jewellery. Among the various sections of goods and services, price index of Accommodation soared by 180.00% year-on-year, and the indices of Entertainment & Cultural Activities (+17.01%), Clothing & Footwear (+4.90%), Miscellaneous Goods (+4.43%) and Restaurant Services (+2.32%) showed different degrees of growth.
In comparison with the previous quarter, TPI for the third quarter of 2023 went up by 2.86%. Higher hotel room rates pushed up the price index of Accommodation by 14.87% quarter-to-quarter. On the other hand, price index of Clothing & Footwear decreased by 5.43% on account of seasonal sale of summer clothing.
The average TPI for the last four quarters ended the third quarter of 2023 grew by 14.90% from the previous period, with marked increases in the price indices of Accommodation (+95.90%) and Entertainment & Cultural Activities (+17.97%). For the first three quarters of 2023, TPI rose by 19.94% year-on-year. Price indices of Accommodation and Entertainment & Cultural Activities surged by 150.09% and 16.58% respectively.
TPI reflects the price change of goods and services purchased by visitors. Sections of TPI goods and services are selected according to the consumption pattern of visitors, namely Food, Alcoholic Beverages & Tobacco; Clothing & Footwear; Accommodation; Restaurant Services; Transport & Communications; Medicine & Personal Goods; Entertainment & Cultural Activities; and Miscellaneous Goods.