Macau Retail Sales Edge Lower in Q4

Retail sales in Macau rose 6.2% year-on-year in the second quarter of 2026, easing from 16.5% in the previous three-month period. Sales growth slowed for leather goods (5.2% vs 23.8% in Q1), motor vehicles (2.1% vs 2.6%), and communication equipment (80.1% vs 88.6%). At the same time, sales declined for department stores (-20.2% vs 0.7%), adults’ clothing (-2.7% vs 22.0%), pharmacies (-8.4% vs 0.3%), and Chinese food products (-7.7% vs 1.5%), while falling further for supermarkets (-8.3% vs -5.4%) and automotive fuels (-10.6% vs -3.2%). Meanwhile, retail activity increased for watches, clocks, and jewellery (15.9% vs 11.2%), and cosmetics and sanitary articles (37% vs 29.1%). On a quarterly basis, retail trade fell 17.1% in the second quarter of 2026, reversing 9.0% growth in the previous quarter. In the January-June period, sales activity was 11% higher compared to the same period last year.

Retail sales in Macau rose 23% year-on-year in the first quarter of 2026, rebounding from a 0.1% decline in the previous three-month period. It was the strongest growth in retail activity since the fourth quarter of 2023, boosted by increases in sales for communication equipment (+88.6%) and watches, clocks and jewelry (+11.2%). Moreover, sale also increased for cosmetics and sanitary articles (+29.1%), adults’ clothing (+22.0%) and leather goods (+23.8%). Meanwhile, sales for supermarkets and automotive fuels declined 5.4% and 3.2%, respectively. On a quarterly basis, retail trade increased 16.5% year-on-year in Q1 of 2026.

Retail sales in Macau edged down 0.1% year-on-year in the last quarter of 2025, following a 0.8% gain in the previous period which was the first rise in about two years. Sales declined the most for auto fuels (-12%), supermarkets (-9.7%), motor vehicles (-8.8%), pharmacies (-8.5%) and department stores (-5.4%). On the other hand, retail sales jumped for communication equipment (43.9%) and cosmetics & sanitary articles (12.1%). Considering full 2025, retail sales declined 5.9%, with sales of leather goods falling 8.4%.