Navigating A Challenged Economy. Malaysian’s Financial Outlook 2024

In this chapter, we examine recent and projected expense patterns among Malaysians, explore spending behaviors, assess financial confidence, and identify key influencing factors.

Vase.ai

Jul 10, 2024

Understanding Malaysian Spending Behaviour in 2024

In today’s dynamic market landscape, understanding consumer behaviour is crucial for businesses to thrive. The latest consumer tracking study sheds light on the shifting needs, values, and expectations of Malaysian consumers, providing valuable insights for marketeers.

What we covers:

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Essential Spending

Nearly half of the respondents have increased their spending on essential items over the past six months. Groceries and eating out are the top essential expenditures, indicating a dual trend of prioritizing both home-cooked meals and social dining experiences.

Semi-Essential Purchases

Clothing and skincare lead in semi-essential purchases. Spending in this category remains stable, with notable reductions in cosmetics and toys.

Non-Essential Expenditures

Electronics and vacations are the most common non-essential expenditures. However, 24% of respondents have not spent on non-essentials in the past six months, showing a cautious approach towards discretionary spending.

Spending Trends

Overall, there is a rise in consumer activity and confidence, with stability in key areas suggesting a balanced approach. Consumers are being cautious about essential expenditures despite overall higher spending.