Restaurant receipts rose while retail sales fell in November 2024

Data from the Statistics and Census Service (DSEC) reveals mixed fortunes for Macau’s hospitality and retail sectors in November 2024. While receipts from interviewed restaurants and similar establishments increased by 1.9% year-on-year, retail sales experienced a significant downturn, dropping by 9.2% during the same period.

Japanese and Korean restaurants performed particularly well, with their receipts rising by 12.6% year over year.

However, compared to October 2024, the restaurant’s performance declined by 4.2%, which was attributed to the slump after the National Day holiday. Chinese restaurants and local-style cafes were responsible for this drop, with their receipts decreasing by 4.3% and 3.7%, respectively.

The retail sector performed even worse, with categories such as watches, clocks, jewelry, cosmetics, and leather goods experiencing steep declines. Sales plummeted year-on-year by 24%, 12.8%, and 11.2%, respectively. On a brighter note, motor vehicle retailers recorded a sales increase of 26.9%.

Looking ahead, business expectations for December 2024 appeared more optimistic. Approximately 35% of interviewed restaurants anticipate a month-on-month increase in receipts buoyed by the Christmas holiday season. This figure rises to 56% among Western restaurants and remains at 35% for Japanese and Korean establishments. Conversely, about 17% expected a decrease.

The retail sector mirrors this cautious optimism, with 42% of retailers predicting sales growth in December 2024. Department stores and adult clothing retailers are particularly hopeful, with expected growth rates of 63% and 48%, respectively. Meanwhile, 20% of retailers foresee a drop in sales.

The Business Outlook Index (BOI) for both sectors suggest a positive trend, with values of 59.3 for restaurants and 61.5 for retail trade. These values indicate a better business outlook for December 2024 compared to November. The survey, comprising responses from 229 restaurants and 161 retailers, represents a significant portion of the industries’ receipts. Victoria Chan