In the third quarter, Malaysia’s retail sales grew by 96 percent year-over-year, according to the Retail Group Malaysia’s (RGM) Malaysia Retail Industry Report.
It should be noted, however, that a majority of retailers suspended their operations during the third quarter last year, which affected the significant rate. This period saw a contraction of 27.8 percent for the industry.
According to RGM, the high growth rate of the quarter was also attributed to strong domestic demand. It is estimated that the fourth quarter of this year will have an average growth rate of 13.9 percent.
Due to two upcoming major festivals – Christmas, in December, and Chinese New Year, at the end of January – Malaysian retailers are optimistic that the retail industry will continue to recover by the end of this year.
Retail sales surged 62.5 percent in the country’s second quarter this year, boosted by the Hari Raya festival and the easing of operating restrictions on Covid.
Sales in the third quarter were expected to grow by an average of 61.7 percent, according to Malaysia Retailers Association and Malaysia Retail Chain Association estimates in September.