In the first quarter of 2024, Macau witnessed a substantial surge in visitor spending, excluding gaming activities. This surge, totaling MOP$20.35 billion (US$2.53 billion), marks a remarkable 35.9% increase compared to the previous year. Furthermore, when juxtaposed with 2019 figures, the growth stands at an impressive 20.2%.
Breakdown of Spending Categories:
The expenditure breakdown paints a vivid picture of visitor preferences and priorities. Shopping emerges as the predominant spending category, constituting 48.0% of the total expenditure in 1Q24. Following closely behind, accommodation and food & beverage sectors account for 23.3% and 20.9% of the expenditure respectively. This distribution underscores the significance of retail experiences and hospitality services in shaping the visitor economy of Macau.
Per-Capita Spending:
Per-capita spending serves as a critical metric to gauge the economic impact of individual visitors. In 1Q24, per-capita spending surged by a substantial 40.3% compared to the same quarter in 2019, reaching MOP$2,293 (US$285). This surge reflects not only an increase in visitor numbers but also a heightened propensity to spend among visitors. Despite variations in spending patterns among different visitor segments, the overarching trend points towards a robust consumer sentiment and willingness to engage in discretionary spending activities.
Visitor Source:
Understanding spending patterns across different visitor demographics sheds light on evolving market dynamics. While per-capita spending from mainland China witnessed a notable decline of 31.6%, amounting to MOP$2,665 (US$332), spending from Taiwan surged by 10.6% to MOP$2,040 (US$254). Similarly, per-capita spending from Hong Kong experienced a decline of 14.4%, settling at MOP$1,071 (US$133). Despite these fluctuations, it’s imperative to note the substantial growth rates compared to 2019 figures, signifying the resilience and adaptability of Macau’s tourism sector.
Regional Disparities and Growth Trajectories:
DSEC’s insights highlight varied growth trajectories among visitors from different regions. While spending from mainland China, Hong Kong, and Taiwan experiences fluctuations, spending from other key markets such as Singapore, South Korea, Thailand, Japan, and Malaysia exhibit varying degrees of growth. This diversity underscores the importance of catering to a broad spectrum of visitor preferences and preferences, fostering a dynamic and inclusive tourism ecosystem.
The first quarter of 2024 witnessed a significant upsurge in visitor spending in Macau, reflecting a resilient and adaptive tourism sector. As the industry continues to navigate through evolving market dynamics and global uncertainties, insights into spending patterns, per-capita expenditures, and regional variations serve as invaluable tools for stakeholders to formulate targeted strategies and enhance visitor experiences. By leveraging these insights, Macau is poised to sustain its position as a premier tourist destination while fostering sustainable economic growth and resilience.