Malaysians tighten purse strings on non-essentials
KUALA LUMPUR: Malaysians are tightening their purse strings on non-essential spending, with rising costs prompting households to prioritise necessities and value for money despite continued economic growth.
Malaysians are tightening their spending on non-essential items due to rising costs, prioritizing necessities and value for money. Analysts note that consumers are increasingly seeking cheaper products, convenience, and value while cutting back on clothing, lifestyle goods, and other non-essentials. Consumer staples companies reported strong revenue growth, while discretionary retailers experienced mixed results, with some retailers like Eco-Shop, MyNews, and 7-Eleven showing growth, while others like Padini and Bonia faced declines and losses.
This indicates a shift in consumer behavior, with spending still growing but increasingly focused on lower-value and semi-durable categories.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
