Macau Retail Sales YoY

Retail sales in Macau decreased by 2.4% year-on-year in the second quarter of 2025, easing from an upwardly revised 18.1% decline in the first quarter. Sales fell at a slower pace for leather goods (-0.2% vs -23.2% in Q1), automotive fuels (-2.2% vs -6.7%), Chinese food products (-1.9% vs -11.1%), household appliances (-11.6% vs -16.2%), and watches, clocks & jewellery (-16.3% vs -33.2%). At the same time, sales rebounded in department stores (5.7% vs -16.4%), cosmetics & sanitary articles (0.2% vs -20.9%), and adult’s clothing (7.3% vs -7.6%). Growth also accelerated in pharmacies (7% vs 2.8%). On a quarterly basis, retail sales dropped by 10.2%, following an upwardly revised 5.9% fall in the previous quarter. For the first half of the year, sales were 11.4% lower than in the same period last year.

Retail sales in Macau declined by 17.8% year-on-year in Q1 2025, deepening from a 10.6% drop in Q4 2024. This marked the fifth consecutive quarter of contraction, as sales fell sharply across several categories, including department store goods (-16.4% vs. -10.9% in Q4 2024), leather goods (-23.8% vs. -16%), adults' clothing (-8.7% vs. 6.8%), communication equipment (-8.7% vs. 12.5%), cosmetics and sanitary articles (-20.9% vs. -6.6%), automotive fuels (-7.9% vs. -3.7%), and watches, clocks, and jewellery (-29.9% vs. -33.7%). In contrast, sales rebounded for household fuels (5.5% vs. -17%), while automobile sales continued to grow, albeit at a slower pace (11.4% vs. 16.5%). On a quarterly basis, retail sales declined by 5.5% in Q1 2025, following a 13.4% increase in the previous quarter.

Retail sales in Macau declined by 10.6% year-on-year in the last quarter of 2024, easing from a 19.1% slump in the previous quarter. This was the fourth consecutive quarter of decline but the smallest drop in the sequence. Sales decreased at a slower pace for motorcycles, parts & accessories (-6.3% vs -16.9% in Q3), department stores (-10.9% vs -20.4%), poultry, frozen meat & roasted meat (-10% vs -18.8%), Chinese food products (-12.5% vs -18.6%), cosmetics & sanitary articles (-6.6% s -24.8%), leather goods (-16% vs -27.1%), furniture & lighting (-4.6% vs -26.4%), and watches, clocks & jewelry (-33.7% vs -42.8%). Additionally, sales rose solidly for dried seafood (18.6% vs 5.4%), footwear (15.7% vs 8.1%), and other products (11.2% vs 0.6%), while rebounded for adults’ clothing (6.8% vs -2.2%) and pharmacies (0.9% vs -6.7%). On a quarterly basis, retail sales jumped by 13.4% in the December quarter, accelerating from a 2.9% growth in the previous period.