Macau’s tourist price index recorded a year-on-year increase of 0.92 percent in the second quarter of 2017, according to data released on Friday by the city’s Statistics and Census Service. The index reflects price changes in goods and services typically purchased by visitors, but excludes gaming. It was the first year-on-year increase for the quarterly index since the second quarter of 2015.
The tourist price index between April and June in 2017 was down 2.06 percent compared to the first quarter of this year.
The statistics bureau cited rising costs for hotel accommodation and restaurant services, as well as higher prices of local food products, as the major factors contributing to the year-on-year rise of the index in the second quarter.
The sub-index of accommodation increased by 9.21 percent compared to the prior-year period, but dropped 13.72 percent judged quarter-on-quarter.
Data from the Macau Hotel Association show that the average hotel room rate in May was MOP1,185.70 (US$147.40), representing a year-on-year decrease of 7.1 percent.
The decline in hotel room rates is occurring against a backdrop of increasing supply. There were 36,300 hotel rooms in Macau in May 2017, up 13 percent from the 32,100 in May 2016.
Many of the hotel rooms in Macau are in the five-star category. The high price of Macau hotel rooms is regularly cited by investment analysts as an inhibiting factor for extended stays – or increased frequency of stay – by tourists to the city.
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"Most investors believe that Macau is ‘uninvestable’. Our experience has been that when opinions are so unanimously negative, then the risk/reward is skewed to the upside"
Japanese brokerage Nomura