Macau retail sales are continuing to fall – and retailers fear worse is yet to come.
While developers continue to open, build or plan more shopping centres in the growing collection of integrated resorts in the territory, the retail sales in general are falling, largely due to the reduction in cashed up Mainland Chinese visitors visiting the city to gamble and splurge on luxury goods.
Total retail sales were MOP14.26 billion (US$1.78 billion) in the three months to June – down 13 per cent on the same quarter last year according to data from the Macau government’s Statistics and Census Service.
Despite falling a sharp 29 per cent, sales of watches, clocks and jewellery still accounted for 21 per cent of total retail sales and leather goods 10 per cent.
Department stores accounted for a further 14 per cent and adult apparel 10 per cent, supermarkets eight per cent and motor vehicles six per cent.
The SCS said that about 46 per cent of retailers who supply the raw data for its retail sales trend reports said the expect sales to fall by an even higher rate in the current quarter.