Information from the Statistics and Census Service (DSEC) indicated that the Tourist Price Index (TPI) for the second quarter of 2024 went up by 2.72% year-on-year to 140.96. The rise stemmed from dearer prices of clothing and jewellery, as well as rising charges for restaurant services; however, falling hotel room rates offset part of the increase. Among the various sections of goods and services, price indices of Clothing & Footwear, Miscellaneous Goods and Restaurant Services grew by 7.42%, 7.10% and 6.79% year-on-year respectively, while the indices of Entertainment & Cultural Activities and Accommodation dropped by 14.92% and 4.39%.
In comparison with the first quarter, TPI for the second quarter of 2024 went down by 2.57%. Price index of Accommodation declined by 21.08% quarter-on-quarter due to lower hotel room rates, whereas the index of Clothing & Footwear grew by 7.17% on account of new arrival of summer clothing.
The average TPI for the last four quarters ended the second quarter of 2024 rose by 13.14% from the previous period. Price indices of Accommodation, Clothing & Footwear and Miscellaneous Goods increased by 55.27%, 8.03% and 5.67% respectively. For the first half of 2024, TPI went up by 3.70% year-on-year; the price indices of Clothing & Footwear and Miscellaneous Goods showed respective growth of 8.26% and 6.83%, while only the index of Entertainment & Cultural Activities (-15.10%) registered a decrease.
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.