Consumer confidence declines in Q3

Consumer confidence has taken a hit, with the overall index falling nearly 3.7% in the third quarter (Q3) of 2024 compared to the previous quarter.

This decline, reported by researchers at the Macau University of Science and Technology (MUST), reflects growing concerns about the local economy and investment climate.

The consumer confidence index now stands at 100.39 on a scale of 0 to 200, where scores above 100 indicate positive sentiment.

The survey, which included responses from 805 local residents, revealed four of six key indicators fell.

Notably, confidence in the local economy plummeted 8.94%, while faith in stock market investments dropped 11.66%. Employment conditions and housing acquisition also experienced slight declines, with decreases of 0.9% and 2.48% respectively.

Despite these setbacks, there were modest increases in perceptions regarding the standard of living and commodity prices, rising by 1.87% and just over 1% respectively. This mixed bag of results suggests that while overall confidence is waning, some aspects of daily life are perceived to be improving.

The survey results come on the heels of findings from the Macau Economic Association, which indicated the city’s economic prosperity index is expected to remain stable through November.

This stability is based on various indicators, including anticipated unemployment rates and visitor arrivals.

As Macau navigates these challenging economic waters, experts emphasize the need for further diversification of its economy to bolster consumer confidence and enhance resilience against external shocks.

The outlook remains cautious as residents grapple with uncertainty in both local and global markets.

Nadia Shaw