Consumer confidence continued to erode in Q3

Consumer confidence fell in the third quarter (Q3) of 2026, with the overall index dropping below the 100-point threshold that separates confidence from a lack of it, according to survey results released by the Institute for Sustainable Development at Macau University of Science and Technology (MUST).

The Consumer Confidence Index (CCI) for July to September stood at 94.73, down 3.26 points, or 3.33%, from 97.99 in the previous quarter.

The institute said the result indicates that residents’ overall consumer confidence has declined and now falls below 100, into the insufficient-confidence range.

Five sub-indices down, one up

Compared with the previous quarter, the six sub-indices used to calculate the overall index showed a pattern of “five declines and one increase.”

Only housing purchase confidence moved higher against the broader trend. Confidence weakened across the five major dimensions: stocks, people’s livelihood, employment, the local economy, and prices.

The “stock investment” sub-index fell the most, down 5.95 points, or 5.38%, to 104.73 from 110.68 in the previous quarter.

The “living standards” sub-index stood at 93.32, down 4.67 points from 97.99 in the previous quarter, indicating further erosion of consumers’ confidence in this area.

The Macao Foundation sponsored the survey, and MUST’s Institute for Sustainable Development carried it out from September 1 to 17.

The CCI

MUST has collaborated with Capital University of Economics and Business, Central University of Finance and Economics, City University of Hong Kong, and Fu Jen Catholic University in Taiwan to jointly release the results of the “Cross-Strait and Hong Kong-Macao Region Consumer Confidence Index” survey every quarter since the fourth quarter of 2008.

The CCI is an indicator that comprehensively reflects and quantifies consumers’ personal views on the strength of the current economic situation. It captures consumers’ subjective views on the current and future macroeconomic situation, employment conditions, price levels, living standards, purchasing residential property, and investing in stocks. It is also often used as a leading indicator of economic and consumption trends.

According to the setup, the index ranges from 0 to 200, with 0 indicating “completely no confidence,” 100 indicating “no particular feeling,” and 200 indicating “completely confident.” Within this range, any value above 100 indicates confidence.