Price of accommodation fell by half in 2020 y-o-y

Macau ended 2020 with accommodation prices falling by almost 50 per cent over the previous year, due to the impact the pandemic had on the main economic sector of the world’s casino capital.

The Tourist Price Index in the fourth quarter of 2020 fell by 15.26 per cent, “mainly due to the lower hotel room and clothing prices,” the Statistics and Census Bureau said in a statement today (Thursday).

“The price index for the accommodation section (-49.89 per cent) recorded the biggest year-on-year decrease,” while “the price indices fell for clothing and footwear (-12.49 per cent), as well as entertainment and cultural activities (-7.56 per cent),” the authorities added.

However, the body noted that the growth in jewellery prices offset part of the decline in the Tourist Price Index in the fourth quarter of 2020.

Macau, which has not had a Covid-19 case for more than six months, maintains strong border restrictions, with the exception of mainland China.

Despite the gradual improvement in visitor numbers, the increase is still very slight in the territory, which normally welcomes about three million visitors per month, but in 2020, due to Covid-19, saw its gambling operators making hundreds of millions of euros in losses.

According to the latest official figures, in November Macau received just over 600,000 visitors, down 78.1 per cent compared to the same period last year.

Between January and November, 5,237,441 visitors entered the territory, a drop of 85.6% compared to the same period last year.

In 2019, Macau, whose economy relies heavily on tourism, received almost 40 million visitors.