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China spending index flat in Q1, Macau to face H2 comparison headwinds

An index tracking high-end spending in China was flat in Q1 compared with the prior quarter, with the overall number of macro and industry indicators growing positively roughly unchanged, according to Bernstein Research.

The firm’s China Premium Consumer Tracker said 14 out of 37 indicators accelerated and the remainder slowed down, similar to the prior quarter. Year-on-year, 84 percent of the firm’s data points showed growth.

In terms of gaming, the firm expects Macau to face comparison headwinds in H2, due to strong growth in GGR in the second half of last year.

“Key sectors like Macau gaming, autos, and high-end liquor, are entering a more difficult YoY comparison in 2H. We remain watchful of liquidity growth,” it said, adding on the whole it remains positive on the outlook for high end spending.

Macau GGR rose 21 percent in Q1, with a roughly even split between VIP and mass. April has seen continued strength with GGR growth of nearly 28 percent and Chinese visitor arrivals up 16.5 percent YoY.


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