Consumer confidence falls slightly in Q1 amid cautious sentiment

Macau’s consumer confidence edged lower in the first quarter of 2026, with the overall index falling to 96.78, down 0.77 points or 0.79% from the previous quarter, reflecting what researchers described as a “cautious and slightly tightening” sentiment among residents.

The Consumer Confidence Index. which ranges from 0 to 200, considers readings below 100 as indicating “insufficient confidence.” The latest figure remains below the neutral threshold.

The quarterly survey, conducted from March 1 to 16 by the Institute of Sustainable Development at Macau University of Science and Technology, interviewed 807 residents aged 18 or above. It forms part of the long-running “Cross-Strait and Hong Kong and Macau Consumer Confidence Index” initiative launched in 2008.

Among the six sub-indices, three showed gains and three showed declines. Confidence in asset-related categories showed relative strength. The “purchase of housing” sub-index rose to 106.24, up from 103.68, while “stock investment” increased slightly to 110.57. The “local economy” index also edged up to 91.15.

However, sentiment weakened in key livelihood areas. The “employment” index fell to 89.62, the “standard of living” index dropped notably to 95.79, and the “price level” index declined to 87.29. These trends highlight ongoing concerns over income stability and cost pressures.

The report noted a “divergent pattern of ‘stable asset-side confidence and weaker livelihood-side confidence’,” with declining price and living standard indicators identified as the “main sources of downward pressure” on overall sentiment in the quarter.

Despite a slight uptick in perceptions of the broader economy, both economic and employment indices remain at relatively low levels, suggesting that residents continue to have “concerns about macroeconomic fundamentals and income stability,” which are constraining a recovery in confidence.

Externally, the report pointed to a more uncertain environment, citing “weak global economic growth momentum,” frequent geopolitical tensions, and ongoing trade frictions.

While mainland China’s economy remains stable overall, it still faces challenges including “strong supply but weak demand” and external shocks.

Overall, the findings indicate that consumer confidence in Macau remains “cautious and weak” in early 2026, with livelihood-related concerns becoming more pronounced.