Consumer confidence slips below optimistic range in Q3

The latest survey results from the Macau Consumer Confidence Index reveal a downward trend in the third quarter, with a significant decline that has pushed consumer confidence out of the optimistic range and into a more cautious phase.

The results of the consumer confidence index for the third quarter of 2025 have been released for Taiwan, Hong Kong, and Macau.

The survey indicates that Macau’s overall consumer confidence index stands at 99.33, reflecting a decrease of 2.38 points, or 2.34%.

The Cross-Strait and Hong Kong-Macau Consumer Confidence Index survey was jointly conducted by several institutions, including the Capital University of Economics and Business and the Central University of Finance and Economics in Beijing, City University of Hong Kong, Macau University of Science and Technology (MUST), and Fu Jen Catholic University in Taiwan.

The index scores range from zero to 200, with values below 100 indicating “insufficient confidence” and those above 100 signifying “confidence.” The Macau University of Science and Technology is responsible for analyzing consumer confidence in Macau, with the third-quarter survey conducted in mid-to-late September.

The study successfully interviewed 829 Macau residents aged 18 and older.

The MUST survey findings reveal that, compared with the second quarter, only the “purchasing residential property” and “local economy” sub-indices recorded increases, reaching 101.99 and 94.14, respectively, this quarter, reflecting quarter-on-quarter growth of 2.72% and 0.57%.

Notably, the “purchasing residential property” sub-index has returned to the optimistic range.

However, the sub-indices for “stock investment,” “employment situation,” “standard of living,” and “price level” all declined from the previous quarter, registering 112.42, 92.69, 102.73, and 92.00, respectively, representing decreases of 3.26%, 3.78%, 4.06%, and 5.87%.

These results suggest that despite recent signs of improvement in some macroeconomic indicators, the underlying momentum and stability of Macau’s economic recovery and growth still require further strengthening.

The findings state that “Macau’s third-quarter consumer confidence index showed a downward trend, influenced by external environmental pressures and the impact of internal economic structural transformation.”

It emphasizes that consumer confidence is closely tied to Macau’s progress in achieving moderate economic diversification, which is essential for long-term resilience and growth.

The report suggests that only short-term consumption stimulus measures may effectively boost the consumer confidence index in the next quarter, helping it return to the optimistic range.