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.