研究報告 / RESEARCH REPORTSRESEARCH REPORTS
澳門消費
與商業研究。Research on Macau’s
spending and businesses.
兩份雙語報告，分析旅客需求、零售復甦與商戶收入，附數據、方法及來源。Two bilingual reports on visitor demand, retail recovery and merchant income, with data, methods and sources.
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
2026 年上半年，不過夜旅客貢獻非博彩消費增量的 63.7%。鐘錶及珠寶帶動名義零售增長，皮具與通訊設備則對價格調整後的增長貢獻較大。2024 年企業帳目顯示收入高度集中於較大單位。報告結合旅客消費、零售指數、企業帳目及旅遊附屬帳，並以地區人流、租金和本地報道分析商戶承接需求的條件。Same-day visitors supplied 63.7% of the rise in non-gaming spending in H1 2026. Watches and jewellery led nominal retail growth; leather goods and communication equipment contributed more to price-adjusted growth. The 2024 enterprise accounts show receipts concentrated in larger units. The report brings together visitor expenditure, retail indices, business accounts and tourism accounts, with district activity, rents and local reporting to examine how merchants capture demand.
資料截至 2026 年 10 月 3 日。旅客消費與零售比較採用 2026 年上半年及去年同期；企業結構採用 2024／2025 年帳目；地區活動另列 2026 年 8 月。早期帳目提供回升前的結構背景。本地案例取自公開報道。街道旅客消費、商戶保留收入及活動新增銷售，仍需相互連結的交易證據，或設計合宜的實證研究。Evidence through 3 October 2026. Spending and retail compare matched first halves; business structure uses 2024/2025 accounts, and district activity covers August 2026 separately. Earlier accounts describe the structure preceding the rebound. Local cases come from public reporting. Street-level tourist spending, retained merchant income and additional programme sales require linked transaction evidence or a suitably designed empirical study.
英文 PDF 約 2.58 MB；繁體中文 PDF 約 3.20 MB。兩版均保留審閱版標示，附研究方法、限制與來源。English PDF: approximately 2.58 MB; Traditional Chinese PDF: approximately 3.20 MB. Both retain their review-edition status and include methods, limitations and sources.
2026 年 10 月 4 日審核修訂。資料截點維持 2026 年 10 月 3 日。Audit corrections dated 4 October 2026. The evidence cutoff remains 3 October 2026.
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
2026 年上半年，旅客非博彩消費增加 17.4%，零售銷售額增加 17.2%，但百貨公司與超級市場繼續下跌。報告分析旅客結構、消費組合、價格因素及不同零售類別的復甦差異。居民在本地商戶的消費仍是主要數據缺口。Visitor non-gaming spending rose 17.4% and retail sales rose 17.2% in H1 2026, while department stores and supermarkets continued to contract. The report examines visitor mix, spending baskets, prices and the uneven recovery across retail categories. Residents’ spending at local businesses remains a central data gap.
資料截至 2026 年 10 月 3 日。主要比較 2026 年上半年與 2025 年同期，以 2019 年及 2023–2025 年作全年背景，另列 8 月指標。分析描述已公布時段，採用官方統計、會計分解及註明來源的本地報道。Evidence through 3 October 2026. The main comparison is H1 2026 against H1 2025, with annual context from 2019 and 2023–2025 and separate August indicators. The analysis describes published periods using official statistics, accounting decompositions and attributed local reporting.
英文 PDF 約 1.82 MB；繁體中文 PDF 約 2.41 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 1.82 MB; Traditional Chinese PDF: approximately 2.41 MB. Both retain the review-edition status and include methods, data appendices and sources.
2026 年 10 月 4 日審核修訂。資料截點維持 2026 年 10 月 3 日。Audit corrections dated 4 October 2026. The evidence cutoff remains 3 October 2026.