研究報告 / RESEARCH REPORTSRESEARCH REPORTS
研究、來源，
與可檢視的結論。Research, sources,
and findings to examine.
閱讀 Azea Research 的研究報告，了解方法、數據與分析限制。Read Azea Research reports, with methods, data and the limits of the analysis.
最新報告 / 澳門 · 研究系列 02LATEST REPORT / MACAU · RESEARCH SERIES 02
澳門旅客消費流向何處Where Visitor Spending
Lands in Macau
旅客消費增加，收入流向哪些行業與商戶？本報告結合旅客消費、零售指數、企業帳目與旅遊附屬帳，並以地區人流、租金及本地個案補充空間線索。不過夜旅客帶動近期大部分消費增量；名義與價格調整後的零售增長由不同類別推動；較早期企業帳目則顯示收入集中於較大單位。地區到訪與租金仍不能辨識個別店舖的旅客銷售額，或證明推廣計劃創造額外收入。Which sectors and businesses capture rising visitor spending? This report connects visitor expenditure, retail indices, enterprise accounts and the Tourism Satellite Account, alongside district activity, rents and local cases. Same-day visitors drive most recent spending growth; different categories lead nominal and price-adjusted retail gains; older enterprise accounts show receipts concentrated in larger units. District visits and rents cannot identify tourist sales at individual shops or establish that promotional programmes created additional income.
資料截至 2026 年 10 月 3 日。消費與零售以 2026 年上半年同期比較為主；企業帳目採用 2024／2025 年資料，地區活動另列 2026 年 8 月。較早期結構性帳目不代表 2026 年商戶經營狀況。報告區分統計證據、會計計算、公開報道與待驗證假設；未有進行訪談、實地考察或自行觀察社交平台。Evidence through 3 October 2026. Spending and retail use matched H1 comparisons; enterprise accounts refer to 2024/2025, with August 2026 district activity shown separately. Older structural accounts do not establish businesses’ operating conditions in 2026. Statistical evidence, accounting calculations, public reporting and hypotheses are distinguished; no interviews, field visits or original social-platform observations were undertaken.
英文 PDF 約 2.59 MB；繁體中文 PDF 約 3.22 MB。兩版均保留審閱版標示，附研究方法、限制與來源。English PDF: approximately 2.59 MB; Traditional Chinese PDF: approximately 3.22 MB. Both retain their review-edition status and include methods, limitations and sources.
澳門 / 旅遊與消費MACAU / TOURISM & CONSUMPTION
人潮之後：
澳門消費復甦的落差After the Crowds:
Macau’s Uneven Spending Recovery
旅客人次回升，是否意味著商戶與家庭同樣受惠？本報告以公開統計與本地報道，分析旅客結構、非博彩消費、零售銷售額與銷貨量的變化。2026 年上半年復甦加快，但不同零售類別的受惠不平均；零售與旅客消費數據亦不足以單獨辨識居民在澳門商戶的支出。Do rising visitor numbers mean that merchants and households benefit equally? Drawing on public statistics and local reporting, this report examines visitor composition, non-gaming expenditure, retail sales and sales volume. Recovery strengthened in the first half of 2026, but gains were uneven across retail categories; retail and visitor-spending data alone cannot isolate residents’ spending at Macau merchants.
資料截至 2026 年 10 月 3 日。主要比較 2026 年上半年與 2025 年同期，並以 2019 年及 2023–2025 年全年數據作背景；8 月指標另列。報告區分觀察結果、算術分解與分析解讀，不據此預測 2026 年全年表現。Evidence through 3 October 2026. The main comparison is H1 2026 against H1 2025, with annual context from 2019 and 2023–2025; August indicators are shown separately. Observations, arithmetic decompositions and interpretations are kept distinct. No full-year 2026 forecast is implied.
英文 PDF 約 1.81 MB；繁體中文 PDF 約 2.43 MB。兩版均保留審閱稿標示，附研究方法、數據附錄與來源。English PDF: approximately 1.81 MB; Traditional Chinese PDF: approximately 2.43 MB. Both retain the review-edition status and include methods, data appendices and sources.