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Malaysia’s retail sales unexpectedly increased by 2.7% in the third quarter, exceeding market expectations. Retail research firm pointed out that the growth rate exceeded the 1.4% forecast in September by the Malaysian Retail Industry Association and the Retail Chain Association.
Sales in the first nine months of this year increased by 3.3% compared with the same period in 2022. Although the number of purchases has returned to pre-epidemic levels, the high cost of living still restricts spending ability.
In the third quarter, due to rising prices due to the depreciation of the ringgit, the retail industry grew by 2.7%. The driving forces include domestic demand, recovery of tourism, improvement of the labor market and recovery of the construction industry.
The Retailers Association forecasts a growth rate of 2.1% in the fourth quarter of 2023, slightly lower than the 3.0% forecast by the Malaysian Retail Industry Group.
The retail industry growth rate in 2024 is expected to be 3.5%, but it faces the challenge of rising living costs.
(Source: Xingzhou.com Image source: freepik)
