Retail sales drop sharply in first half

Retail sales totaled MOP36.85 billion in the first six months of 2024, a decline of 17.5% from the same period a year earlier, according to government data. The drop was due mainly to high comparisons in early 2023 as spending recovered from the pandemic. Sales of communication equipment plummeted by 39.4% while watches, jewelry and leather goods also fell sharply. In contrast, motor vehicles saw a slight gain of 0.8% while food sales increased by 3%.