Rising hotel prices contributed to Macau’s Tourist Price Index (TPI) rising by 0.77% in 2017 to 131.87 – the first annual increase after two years of decline.
According to information released by the Statistics and Census Service (DSEC), charges for hotel accommodation, restaurant services and Chinese local food products all increased significantly in 2017 with hotel prices up 4.97% on 2016 levels.
Prices soared in 4Q17, with accommodation costs up 20.84% while transport and communications rose 6.83% and restaurant services 4.09%. The TPI for the fourth quarter reached 142.51.
The 4Q17 TPI represented a 9.95% sequential increase with the price index of accommodation surging by 40.84% sequentially due to higher hotel room rates during the National Day holidays, the Macau Grand Prix and Christmas holidays.
Macau’s TPI reflects the price change of goods and services purchased by visitors. Sections of TPI goods and services are selected according to the consumption pattern of visitors, namely food, alcoholic beverages and tobacco, clothing and footwear, accommodation, restaurant services, transport and communications, medicine and Personal Goods, entertainment and cultural activities and miscellaneous goods.
