Macau retail sales slump

A downturn in casino-bound tourists is undoubtedly behind a slump in Macau retail sales.

Chinese news agency Xinhua reports Macau retail sales in the first quarter dropped by 11 per cent year on year.

Compared to the previous quarter, sales dropped five per cent.

First quarter sales totalled 16.41 billion patacas (US$2.05 billion), according to the Statistics and Census Bureau.

Sales of watches and jewellery which accounted for 23 per cent of total sales slumped 31 per cent to 3.73 billion patacas. Leather goods fell 28 per cent, goods sold in department stores by 13 per cent and cars by 13 per cent. But sales of phones rose 56 per cent, boosted by the introduction of new models.

Retail sales measured by volume fell three per cent in first quarter of 2015 compared with the last quarter of 2014. Leather goods and food were the biggest movers, down 14 per cent each, watches and jewellery down 13 per cent, cars down 12 per cent.

But phone sales rose by 25 per cent.

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