Positive economy outlook but cautionary consumer spending remains in 2020

Malaysia’s economy is estimated to grow at 4.8% in 2020, marginally lifted from 4.7% in 2019. Unemployment rate will remain at 3.3% and inflation is estimated to be 2%, according to Ministry of Finance.

Vase.ai

Feb 14, 2023

While 2020 economy seems to be holding up to expected uncertainties, the latest Consumer Sentiment Index (Q3 2019) from Malaysia Institute of Economy Research (MIER) saw the lowest index of 84 since Q4 2017. So how will this reflected in consumer behaviour and what their spending sentiments will be like in 2020?

It is vital for marketers to be able to understand these shifts in consumer sentiments, if they are to find new ways to build relationships with their consumers, while changing the way they think about their own categories.

It was twenty years ago that the term challenger brand was first coined, but the narrative around challenger thinking is undergoing a transformation, with new wave of challengers changing the way categories around us behave and operate.

In a bid to help advertisers and marketers who are looking to challenge the conventions and to better plan for their brands, PHD Malaysia, partnering with Vase.ai, has interviewed over 1000 Malaysia consumers and found some interesting insights for marketers.