Consumer spending to slowly normalise post-MCO

TheStar Thu, Apr 09, 2020 08:20am - 3 years View Original


AmBank Group chief economist Anthony Dass said: “Consumers are more likely to be risk-averse and will not resume their spending, particularly for bigger ticket items like cars and appliances. Fears over job security to declining retirement savings have put consumers into retreat."

PETALING JAYA: The consumer sector is bearing the brunt of the movement control order (MCO) in Malaysia, which is now entering the third week as the nation battles against the coronavirus (Covid-19) pandemic.

Consumer spending has halved throughout the period, resulting in most categories recording steep declines, except for food and beverage (F&B), communications and education.

A survey by the Department of Statistics Malaysia (DOSM) found that the average monthly household expenditure has fallen 55% from RM6,317 to RM2,813 while total household expenditure, excluding non-consumption expenses such as loan repayments, savings, income tax deductions, contributions to the Employees Provident Fund and Social Security Organisation (Socso), dropped 48% from RM4,033 to RM2,110.

...

Full Article on TheStar

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

AMBANK 4.170
CCK 1.020
CIMB 6.550
DKSH 4.740
MAYBANK 9.650
PWROOT 1.660

Comments

Login to comment.