KUALA LUMPUR: Sales in the Malaysian retail industry contracted 1.1% in the third quarter on eroding Malaysians purchasing power, according a report compiled by Retail Group Malaysia (RGM).
“Despite strong economic performance during the third quarter, majority of consumers did not receive higher take-home pays. The propensity to spend was not high as reflected in the decline in Consumer Sentiment Index during the same period,” RGM said in the report.
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