Third Stimulus | Scholar: Cautious spending by residents as pandemic continues

 

Residents are being cautious with spending during the Electronic Consumption Benefits Plan as the pandemic is lasting longer than expected, according to Tong Kai Chung, president of the Macau Institute of Management (MIM).
Tong said that the reduced incomes and slow economic recovery decreased people’s desire to spend.
According to data from the SAR government, the first 10 days of the Electronic Consumption Benefits Plan were less effective than last year’s first consumption card program. While the average per-transaction spent under the new program is over 7.3% more than last year’s, the spending is actually lower than last year’s as the new program came with a discount plan.
Tong added that acceptance of e-payments by SMEs has increased significantly as a result of the new government-driven scheme, with small businesses more willing to include e-payments in their operations.
From June 1 until December 31, residents will be able to enjoy a total subsidized sum of MOP8,000 for a variety of purchases made via electronic payment. Staff Reporter

Categories Macau