Macau luxury slump projected
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Macau luxury retail sales are in free fall after the downturn in gambling.
The Macau Importers and Exporters Association has estimated a slump in luxury retail sales of between 30 and 50 per cent in the first half of 2015.
The association’s director, legislator Sio Chi Wai, told a media conference the fall was due to the downturn in visits to the territory for gaming, suggesting the vast majority of the downturn is from mainland Chinese spending less in stores.
Sio did not estimate the value of first-half year luxury goods sales.
But he did say he expected that the downturn would gradually level out.
Questions & Answers
Q.What is the projected decline in Macau's luxury retail sales for the first half of 2015?
What is the projected decline in Macau's luxury retail sales for the first half of 2015?
The Macau Importers and Exporters Association has estimated a slump in luxury retail sales of between 30 and 50 per cent for the first six months of 2015.
Q.What is believed to be the main reason for the downturn in luxury retail sales?
What is believed to be the main reason for the downturn in luxury retail sales?
The fall is primarily attributed to a downturn in visits to Macau for gaming. This suggests that the majority of the decline comes from mainland Chinese tourists spending less in stores.
Q.Has the Macau Importers and Exporters Association provided a monetary value for the projected sales slump?
Has the Macau Importers and Exporters Association provided a monetary value for the projected sales slump?
No, the director of the association, Sio Chi Wai, did not provide an estimated value for first-half year luxury goods sales. He only gave a percentage range for the decline.
Q.Does the director of the Importers and Exporters Association expect this downturn to continue indefinitely?
Does the director of the Importers and Exporters Association expect this downturn to continue indefinitely?
No, legislator Sio Chi Wai anticipates that the current downturn in luxury retail sales will gradually level out over time. He believes the situation will not worsen indefinitely.
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