Tourist Price Index falls in Q3 amid cheaper hotels

The Tourist Price Index (TPI) for the third quarter of 2025 declined by 0.82% year-on-year, according to data released by the Statistics and Census Service (DSEC).

The decrease was primarily driven by lower hotel room rates, partially offset by higher prices for jewellery, as well as increased spending on entertainment and leisure activities.

Among the various categories, the Accommodation index fell sharply by 11.34% year-on-year, while Miscellaneous Goods, including jewellery, watches, and arts and crafts, rose by 8.02%. The Entertainment & Cultural Activities index also increased by 7.42% over the same period.

Quarter-on-quarter, the TPI rose by 2.12% from the second quarter, with Accommodation and Transport & Communications indices increasing 9.66% and 2.89% respectively, reflecting higher hotel rates and airfare costs during the summer holiday season. Conversely, Entertainment & Cultural Activities saw a slight drop of 2.30% compared with the previous quarter.

Looking at the broader trend, the average TPI over the last four quarters ending in Q3 2025 increased by 0.69% from the prior period. Miscellaneous Goods recorded the most notable growth, climbing 12.09%, while Accommodation and Medicine & Personal Goods declined 6.00% and 1.94%, respectively.

For the first three quarters of 2025, TPI rose 0.57% year-on-year. LV