“Prices of basic necessities have been rising since the beginning of last year. In addition, prices of many consumer goods have also increased.'
In its latest Malaysia Retail Industry Report, RGM said while the domestic retail industry is making a recovery from the Covid-19 pandemic, higher material, production, staff, rental and transportation costs continue to deplete profit margins.“During the pandemic, Malaysian retailers were focused on generating sales in order to survive. For this coming year, many will be paying great attention to cost control,” it said.
“Higher retail prices lead to higher cost of living. This means consumers will have less money to buy non-essential goods and services,” it said.For 2023, RGM revised its annual growth rate in retail sales to 4%, an upward adjustment of 0.5% from the projection made in November 2022, on the back of recovery in domestic tourism and festivities.
“However, the growth rate in 3Q23 is estimated at 2% due to a high base in the same period a year ago. For 4Q23, the Malaysian retail sector is hopeful of a 3% growth rate after a rosy performance a year ago,” it said.
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