KUALA LUMPUR, March 20 (Xinhua) -- Malaysia's retail industry reported a positive growth rate of 3.8 percent in 2024, slightly below market expectation of 3.9 percent, an industry research firm said on Thursday.
Retail Group Malaysia (RGM) said in its latest industry report that for the fourth quarter of 2024, Malaysia's retail industry recorded a growth rate of 3.5 percent in retail sales, as compared to the same period in 2023.
The growth also did not meet market expectations of 4.4 percent. According to RGM, a higher cost of living has reduced the purchasing power of Malaysian consumers.
Despite the year-end holidays, the sales performances of numerous retail sub-sectors during the fourth quarter of 2024 were unsatisfactory.
Meanwhile, members of the retailers' association project an average growth rate of 5.9 percent for the Malaysian retail industry during the first quarter of 2025.
Despite the Chinese New Year celebration and month-long school holiday, not all retail sub-sectors are expecting promising results, RGM noted.
RGM also revised its annual growth rate in retail sales for 2025 to 4.3 percent, an upward adjustment of 0.3 percent from the projection made in November last year.
Similar to last year, the biggest challenge for Malaysia's retail industry in the new year is the rising cost of living, it added. ■
