Saturday, May 25, 2024

Macau’s luxury renaissance? Chinese tourist arrivals surge 94%

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According to data released by the Macao Statistics and Census Bureau of China, in Q1 2024, tourist arrivals increased by 79.4% to 8.88 million, reaching 85.7% of pre-pandemic levels.

Among them, mainland Chinese tourists increased by 94.3% to 6.29 million, while Hong Kong tourists increased by 21% to 1.8 million. In March, tourist arrivals in Macau increased by 39% to 2.72 million, reaching 80.3% of pre-pandemic levels, compared to a 17.4% decrease in February.

With the return of Chinese tourism to Macau, consumption in the casino and luxury shopping hub is also set to resume.

According to recent data from Vogue Business, a sizable portion of Chinese luxury consumers want to make expensive purchases in Macau, Hong Kong, or mainland China. Furthermore, 70% of these customers said they prefer to shop in-person in their own towns or online. Despite a strong home market, more than 25% of Chinese customers are considering purchases in Europe, Japan, and South Korea, driven by the allure of shopping abroad.

Earlier this year, Macau’s 35,000-square-foot Ming Seng World Shopping Plaza welcomed Galeries Lafayette’s inaugural location in the special administrative region. This launch enhanced Galeries Lafayette’s network of stores across major cities and established the company as a key player in China’s luxury retail sector, in addition to introducing unique brands to the area.

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