Macau Retail Sales Rebound in Q3

Retail sales in Macau rose 0.8% year-on-year in the third quarter of 2025, rebounding from a consecutive decline since Q1 2024. The rebound was driven by faster growth in department stores (9.1% vs 5.7% in Q2 2025), pharmacies (11.3% vs 10.4%), cosmetics & sanitary articles (28.9% vs 0.2%), and a recovery in leather goods (3.6% vs -0.2%). Offsetting these gains, sales fell further in motor vehicles (-28.2% vs -3.6%), supermarkets (-1.3% vs -0.4%), Chinese food products (-2.9% vs -2.2%), and automotive fuels (-19.9% vs -2.2%), while adult clothing reversed to a decline (-4.9% vs 7.3%). On a quarterly basis, retail sales rose 6.0%, following a revised 10.0% drop in the previous quarter. For the first three quarters of 2025, sales were down 7.5% compared with the same period a year earlier.

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.