Macau luxury slump projected

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.