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Results of retail sales survey for the first half of 2024


Information from the Statistics and Census Service (DSEC) indicated that the value of retail sales for the first half of 2024 totalled MOP36.85 billion, corresponding to 96% of the level in the same period in 2019. In comparison with the first half of 2023, the figure represented a drop of 17.5%, mainly due to a high comparison base resulting from the release of pent-up spending power amid the resumption of local economic activity in early 2023. Sales values of Communication Equipment, Watches, Clocks & Jewellery and Leather Goods for the first half of 2024 decreased by 39.4%, 24.6% and 23.5% year-on-year respectively, while sales values of Chinese Food Products and Motor Vehicles increased by 3.0% and 0.8% respectively.

After removing the effect of price changes, the average sales volume index for the first half year went down by 22.1% year-on-year, with significant decreases in the indices of Communication Equipment (-39.2%), Watches, Clocks & Jewellery (-32.0%) and Leather Goods (-26.4%); yet, the indices of Motor Vehicles (+1.3%) and Chinese Food Products (+0.3%) rose.

In the second quarter, the value of retail sales fell by 23.1% year-on-year to MOP16.16 billion, of which sales values of Communication Equipment (-33.1%), Watches, Clocks & Jewellery (-31.6%) and Leather Goods (-30.1%) slipped, whereas the sales value of Motor Vehicles (+6.8%) increased. Meanwhile, the sales volume index for the second quarter dropped by 27.2% year-on-year, with notable fall in the indices of Watches, Clocks & Jewellery (-39.6%), Communication Equipment (-33.8%) and Leather Goods (-32.5%); by contrast, the index of Motor Vehicles (+7.7%) registered growth.

Value of retail sales in the second quarter dipped by 21.9% as compared with the revised figure (MOP20.69 billion) in the first quarter; in addition, the sales volume index fell by 24.8% quarter-on-quarter.

In respect of retailers’ comments, 49.3% of the retailers anticipated a year-on-year decrease in sales volume in the third quarter of 2024, 42.3% expected the sales volume to stay stable and 8.4% forecasted an increase. Meanwhile, 70.3% of the retailers predicted that the retail prices would remain steady year-on-year in the third quarter, 17.9% foresaw a decrease and 11.8% expected an increase. As compared with the second quarter of 2024, about 55.2% of the retailers envisaged a slowdown in business in the third quarter, 31.0% expected stable performance and 13.8% anticipated a favourable outlook.



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