Malaysia’s retail sales saw recorded growth in the second quarter of this year, surging 62.5 percent year on year, according to Retail Group Malaysia (RGM).
The strong growth was estimated to result from the Hari Raya festival and the ease of Covid-19 operating restrictions. Given the swift growing pace, Malaysia Retailers Association and Malaysia Retail Chain Association project sales in the third quarter will have an average growth rate of 61.7 per cent.
“Hari Raya Aidilfitri was celebrated nationwide on May 3 and 4. This period had accelerated the pace of recovery of Malaysia’s retail industry,” RGM said in a statement. “Shopping centres and main commercial centers throughout Malaysia started to attract large shopping crowd three weeks before Hari Raya. The peak was one week before Hari Raya.”
Fashion and accessories accounted for the highest growth, increasing 152 percent year on year during the quarter. Retail sales of the department stores and supermarkets jumped 59.7 percent.
Other sub-sectors, including furniture, electronics, and healthcare, also enjoyed double-digit growth.
RMB also added that Malaysian consumers’ purchasing power has been affected due to inflation. The manpower shortage has also influenced retailers’ sales and operation hours.