Information from the Statistics and Census Service (DSEC) indicated that the average Tourist Price Index (TPI) for 2024 went up by 3.15% year-on-year to 146.23, on account of dearer prices of jewellery and clothing, as well as rising charges for restaurant services. Analysed by section of goods and services, price indices of Miscellaneous Goods, Clothing & Footwear and Restaurant Services grew by 9.86%, 5.66% and 3.8% year-on-year respectively, whereas the index of Entertainment & Cultural Activities (-13.76%) showed a fall.
In the fourth quarter of 2024, TPI (152.05) rose by 1.05% year-on-year. The increase was attributed to higher jewellery prices and restaurant service charges; yet, lower hotel room rates offset part of the increase. Among various sections of goods and services, the price indices of Miscellaneous Goods and Restaurant Services went up by 12% and 3.4% year-on-year respectively, whereas the price indices of Entertainment & Cultural Activities and Accommodation dropped by 11.5% and 3.75%.
In comparison with the third quarter of 2024, TPI for the fourth quarter climbed by 3.29%. The price index of Accommodation increased by 11.4% quarter-on-quarter due to higher hotel room rates amid the National Day holidays and the Grand Prix. Besides, the price index of Clothing & Footwear rose by 5.36% due to new arrival of winter clothing.
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.