The price of accommodation for hotels and inns in Macau has more than doubled in the first quarter of 2023 (Q1), information from the Statistics and Census Service (DSEC) shows.
According to the official statistics release pertaining to the Tourist Price Index (TPI), the price of accommodation has risen exponentially by 124.89% year-on-year.
Other items such as entertainment and cultural activities (+15.68%) and transport and communications (+8.11%) also registered increases but were less significant.
In general, the TPI for Q1 has grown 18.16% year-on-year to 138.20, a growth also attributed to higher airfares, DSEC said.
In comparison with the fourth quarter (Q4) of last year, the TPI for the Q1 of 2023 rose 15.87% with the price indices of accommodation and entertainment and cultural activities leading the increase again by rising 126.39% and 16.50%, respectively.
The DSEC also said that the dearer prices of fireworks and firecrackers used during the Lunar New Year was contributing to the increase of the index for entertainment and cultural activities.
On the other hand, the price index of clothing and footwear dropped 3.56%, which was mostly attributable to the seasonal sales of winter clothing.
The average TPI has been registering a constant increase for the last four quarters, including during Q1 2023, with most indices registering increases between 4 and 21%.
The 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 and tobacco; clothing and footwear; accommodation; restaurant services; transport and communications; medicine and personal goods; entertainment and cultural activities; and miscellaneous goods.
