Information from the Statistics and Census Service (DSEC) indicated that the Tourist Price Index (TPI) for the first quarter of 2024 went up by 4.68% year-on-year to 144.68, on account of higher hotel room rates and dearer prices of clothing and jewellery; yet, reduced prices of fireworks and firecrackers offset part of the increase. Among the various sections of goods and services, price indices of Clothing & Footwear, Accommodation and Miscellaneous Goods grew by 9.17%, 8.35% and 6.54% year-on-year respectively, while the index of Entertainment & Cultural Activities dropped by 15.29%.

In comparison with the fourth quarter of 2023, TPI for the first quarter of 2024 went down by 3.85%. Price indices of Entertainment & Cultural Activities and Accommodation fell by 15.98% and 11.98% respectively due to falling prices of fireworks and firecrackers as well as lower hotel room rates. On the other hand, price indices of Medicine & Personal Goods and Miscellaneous Goods showed respective increases of 2.87% and 2.02%.

The average TPI for the last four quarters ended the first quarter of 2024 rose by 17.57% from the previous period. Price index of Accommodation surged by 95.64%, and the indices of Entertainment & Cultural Activities (+8.09%), Clothing & Footwear (+7.96%) and Miscellaneous Goods (+5.07%) recorded growth.

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.