, Malaysia
107 views

Malaysia to record ‘healthy’ spending growth in 2022: Fitch

It posted a three-year high 29.9% growth in retail sales in May.

Consumer spending in Malaysia is expected to log a “healthy” growth of 4.4% year-on-year in 2022, higher than the estimated 1.2% growth last year which saw the demand weighed down by the pandemic.

In a report, Fitch Solutions said this will follow the wider headline economic growth which is expected to reach 5.2% in 2022.

“The stable headline macroeconomic environment will provide a solid footing which is facilitated by a healthy vaccination drive and improvements in key economic verticals such as freight, logistics, and tourism,” Fitch said.

READ MORE: Malaysia posts highest wholesale, retail trade sales since 2013 in May

With this, Fitch expects household spending to grow “modestly” to 5% in 2023 as the pandemic-related restrictions ease further, unlocking the significant pent-up demand.

The expected slowing of inflation to 2.1% in 2023 from 4% in 2022 will also support real income growth and discretionary spending trends.

It added that the retail sales have returned to growth with an average of 15.8% from January to May. Retail sales in May reached a three-year high at 29.9%.

“Consumer confidence has largely been steady, reflecting a positive consumer mindset even as inflationary pressures in certain commodities such as food and fuel weigh on low- and mid-income households,” Fitch said.

Consumer confidence in the first quarter of 2022 averaged around 107%, which suggests that the reopening of borders, relaxing of restrictions, and the growing economic activity boost consumer spending despite the inflationary pressures.

Follow the link for more news on

Swarovski menguasai TikTok untuk perluas skala luxury di kalangan Gen Z

Produsen Kristal asal Austria ini bekerja sama dengan influencer untuk menjangkau pasar Singapura.

Dear Me Beauty berencana membuka flagship store

Store ini dapat menjadi fondasi bagi pertumbuhan pasar yang lebih luas.

Kawan Lama Indonesia mengaburkan batas antara belanja online dan offline

Pengunjung  platform e-commerce grup, Ruparupa.

‘Shoppertainment’ TikTok mendorong kesuksesan mega sale

Video di platform ini digunakan tidak hanya untuk hiburan, tetapi juga untuk mendorong e-commerce.

Mars Wrigley bertaruh akan booming cokelat di Asia

Perusahaan AS ini memperkirakan kelas menengah yang tumbuh di kawasan ini akan mengonsumsi lebih banyak M&M’s dan Snickers.

Food Innovators menghadirkan restoran bertema ‘Anime’ di Singapura

CEO Kubota Yasuaki berharap Singapura menjadi gerbang menuju negara-negara Asia lainnya.

Brand didorong untuk lebih transparan dalam perawatan kecantikan

Konsumen semakin cermat dan mudah mengenali klaim bahan yang palsu.

Starbucks Korea membuka gerai berteknologi tinggi di Seoul

Gerai khusus reserve pertama ini menampilkan instalasi seni AR dan Mixology Bar.

Decathlon semakin dekat dengan konsumen hybrid Singapura melalui layanan pengambilan pesanan

Peritel perlengkapan olahraga terbesar di dunia kini memungkinkan shopper mengambil pesanan daring mereka sambil bepergian.