Tourist Price Index rises 3% year-on-year in 2024

The average Tourist Price Index (TPI) for 2024 increased by 3.15% compared to the previous year, reaching 146.23, according to data released by the Statistics and Census Service (DSEC). This rise is primarily attributed to higher prices in jewellery, clothing, and restaurant services.

The DSEC report indicated significant growth in specific categories.

The price indices for Miscellaneous Goods rose by 9.86%, while Clothing and Footwear saw an increase of 5.66%. Restaurant Services also experienced a 3.8% uptick. Conversely, the index for Entertainment and Cultural Activities fell by 13.76%, reflecting a shift in consumer spending.

In the fourth quarter of 2024, the TPI climbed to 152.05, marking a 1.05% increase year-on-year. This growth was driven by surging jewellery prices and rising restaurant service charges, although decreased hotel room rates partially mitigated the overall increase.

Notably, the Miscellaneous Goods and Restaurant Services price indices surged by 12% and 3.4%, respectively, while Entertainment and Cultural Activities and Accommodation saw declines of 11.5% and 3.75%.

When compared to the third quarter of 2024, the TPI rose by 3.29%. The Accommodation price index notably increased by 11.4% quarter-on-quarter, influenced by heightened hotel rates during the National Day holidays and the Grand Prix. VC