M retail sales saw a significant year-on-year decline of 16.9%, totaling MOP53.48 billion in the first three quarters of 2024, according to the latest data from the Statistics and Census Service (DSEC). This represents 95% of the retail sales recorded during the same period in 2019.
In the third quarter, retail sales reached MOP16.59 billion, marking a 2.5% increase from the revised MOP16.19 billion in the second quarter. However, it still reflected a 15.5% decrease compared to the previous year.
The downturn was particularly pronounced in categories such as Watches, Clocks & Jewelry, Leather Goods, and Communication Equipment, which experienced sales drop of 26.6%, 24.4%, and 24.3%, respectively. Conversely, the Motor Vehicles sector reported a 14.4% increase in sales.
In terms of retailer sentiment, 45.3% of respondents expect a year-on-year decline in sales volume for the fourth quarter of 2024, while 39.5% anticipate stable sales, and 15.2% predict an increase. Regarding retail prices, 68.8% of retailers believe prices will remain steady compared to last year, with 22.2% expecting a decrease and 9% forecasting an increase.
Compared to the third quarter of 2024, around 40.4% of retailers foresee stable business performance in the fourth quarter, 38.6% expect a slowdown, and 21% are optimistic about a favorable outlook. LV
