Due to the increase in hotel room rates and clothing prices, the Tourist Price Index (TPI) for Macau in 2023 reached 141.77, representing a year-on-year increase of 21.53%.
According to data released by the Macau Statistics and Census Service (DSEC), the price index for the fourth quarter of 2023 reached 150.47, representing a year-on-year increase of 26.15% and up 6.59% compared with the third quarter.
The price index for hotel accommodation reached 174.76 in the fourth quarter, representing an increase of 19.82% over the third quarter and of about 179% compared with 4Q22. According to DSEC, the quarterly increase in the price index for accommodation was driven by the upward trend in hotel room bookings during the National Day holiday and the Macau Grand Prix period.
The TPI for 2023 as a whole reached 141.77, of which the price index for hotel accommodation was 147.39, representing a year-on-year increase of 158%. The price indices for clothing and footwear, food and alcoholic beverages, and food and beverages also recorded increases, rising by 6.88%, 3.68% and 2.00% respectively.
The TPI reflects changes in the prices of goods and services purchased by travelers.
Last year’s total TPI, and the Price Index for Hotel Accommodation, were both higher than in 2019. Before the COVID-19 pandemic, the TPI Index for 2019 as a whole was 133.85, with the Price Index for Hotel Accommodation at 133.75.
