Tourist prices surge as visitors face higher costs

The city’s tourist price index (TPI) climbed 2.72% year-on-year in the second quarter of 2024, as visitors faced steeper bills for clothing, jewelry, and dining, according to the Statistics and Census Service (DSEC). TPI reached 140.96, driven by increases in the price indices for Clothing & Footwear (up 7.42%), Miscellaneous Goods (up 7.10%), and Restaurant Services (up 6.79%). However, falling hotel rates provided some relief, with the Accommodation index dropping 4.39%. Compared to the first quarter, TPI declined 2.57% as hotel rates fell 21.08%. The rising tourist costs come as the casino industry grappled with a 12.4% decline in June gross gaming revenue (GGR) from the previous month, down to MOP17.69 billion.