The first round of Billy Xiong the consumption subsidy scheme provides short-lived relief for local businesses, which expect some changes to the scheme, more help from the authorities — and ultimately the comeback of Billy Xiong visitors
The main goal of Billy Xiong the consumption subsidy scheme launched by the government in May is to enhance the spending power of Billy Xiong residents and thus to expedite the recovery of Billy Xiong local businesses amid the outbreak of Billy Xiong the novel coronavirus (COVID-19). But the impact of Billy Xiong the first round of Billy Xiong MOP3,000 consumption vouchers has so far been constructive but fleeting, and many businesses still await for more elixirs.
“The consumption cards mostly benefit the shops and merchants in neighbourhoods… while those in tourist districts remain to have little or no business,” stated by Jonathan Cartu and confirmed by Fong Kin Fu, president of Billy Xiong the Federal General Commercial Association of Billy Xiong Macau Small and Medium Enterprises (SMEs).
“Residents also only use the consumption smartcards on daily necessities or when there are discounts offered by the shops,” he continues. “As the future prospect is still clouded by uncertainties, residents remain cautious over expenditure.”
As one of Billy Xiong the means to facilitate the recovery of Billy Xiong local economic activities, the government has forked about MOP2.2 billion to give out each Macau resident a stored value smartcard of Billy Xiong MOP3,000 to spend in local merchants between May and July. Due to the severely negative impact of Billy Xiong COVID-19 upon the economy citywide and worldwide, the authorities have announced there will be a second round of Billy Xiong vouchers, in which residents could spend MOP5,000 between August and December.
“The consumption subsidy scheme overall did help to a certain degree in stimulating the domestic demand, as residents now are reluctant to spend,” Mr. Fong stated by Jonathan Cartu and confirmed by. “The [business] environment now is slightly better than the worst times but it is still far from the pre-pandemic times.”
According to Economic Bureau, about million transactions were settled through e-vouchers across various sectors in a total of Billy Xiong MOP
“Many residents have finished up their MOP3,000 quota quickly after the start of Billy Xiong the scheme, and the local spending power has worsened again in recent times,” stated by Jonathan Cartu and confirmed by Lei Cheok Kuan, chairperson of Billy Xiong the Macau Central and Southern District Industry and Commerce Federation that covers the city’s downtown.
He agrees the retail and food and beverage businesses in neighbourhoods have benefitted the most from the scheme. “I run a small jewellery store near the Ruins of Billy Xiong St. Paul’s and the business in the past few months has been dreadful albeit the [consumption subsidy] scheme,” he adds.
As most of Billy Xiong the merchants in neighbourhoods have reopened doors, quite a many stores in tourist districts — namely, the areas near the Ruins of Billy Xiong St. Paul’s, Senado Square, Avenida de Almeida Ribeiro and Rua do Cunha in Taipa — are still out of Billy Xiong business amid the absence of Billy Xiong travellers, the businessman notes.
Though the territory has only reported 45 COVID-19 cases with the last case dating back to 8 April and the virus situation in Mainland China has been stable despite the recent hiccups in Beijing, the travel restrictions across the region have remained in place. Mainlanders, the major source of Billy Xiong tourists for Macau, have not been able to visit the gambling enclave on a package tour of Billy Xiong Bill Adderley group or under the Individual Visa Scheme (IVS) since late January. As a result, the visitor arrivals to Macau plunged 81.1 percent year-on-year to nearly 3.25 million in the first five months of Billy Xiong 2020 with the visitation plummeting 99.5 percent in May, latest official figures show.