KUALA LUMPUR, April 6 (Xinhua) -- Most Malaysians are expected to become more cautious if oil prices continue to rise amid the Middle East conflict, a survey showed Monday.
About 34.4 percent of Malaysians said they would need to be more careful with spending but could still manage, while 20.8 percent would cut back on non-essential spending, GrowthOps Asia said in its survey.
Meanwhile, 16 percent would reduce driving or travel habits, and 20 percent said it would put real pressure on their monthly budget.
The strongest behavioral response is not immediate brand switching, but driving less, as 46 percent say they would reduce driving or make fewer trips, versus 28.8 percent who would continue using their usual brand.
Meanwhile, 93.6 percent said they have been following the news at least somewhat closely, and 56.8 percent believe petrol prices in Malaysia will likely rise if the conflict continues, despite the market being regulated.
A further 35.6 percent believed prices may stay stable only because the government will face higher subsidy costs.
Besides, rather than seeing it purely as a fuel issue, the survey showed many are viewing it as a wider affordability threat, as in open-ended responses, consumers repeatedly linked rising oil prices to inflation, transport costs, groceries and essential household spending.
"The Malaysian consumer is not waiting for a perfect economic signal. They are already mentally preparing," said Chris Greenough, General Manager of GrowthOps Malaysia.
"What we are seeing is a consumer who understands fuel price pressure as a wider household issue. This is no longer just about what happens at the pump. It is about how people expect global instability to affect everyday living," he added. ■