Kantar: How has consumer spending and sentiment changed over the past year?
In this challenging economy, it is essential to understand the consumers to make a robust business decision that drive growth. Speak to us, the expert of consumer understanding.
Malaysia had an eventful political year in 2018, making international headlines multiple times.
Kantar’s nationwide consumer sentiment study conducted in May 2018 found that Malaysians felt positive toward the local economic condition in the coming year and planned to increase spend on various categories.
A year on, in April 2019, a new study was conducted to understand consumers’ economic, financial and spending situation in the past one year and outlook. Our findings show that consumer optimism has waned slightly, as people feel less positive about the outlook. They are however channeling their caution by focusing on saving more for the future.
ECONOMIC AND PERSONAL FINANCIAL OUTLOOK
Malaysians are more reserved but remain optimistic towards local economy and personal finance.
Consumers are saving and investing in their financial and physical more; spending lesser than expected.
While cash is still the preferred payment method, Malaysians are adopting cashless payment.