Resilient outlook for consumer spending in 2023

“Externally, a deep global economic slowdown is a major risk, whereas internally, regulatory or policy changes such as the re-introduction of the goods and services tax and subsidy rationalisation will have material knock-on effects on consumer spending,” says RHB Research.

PETALING JAYA: Consumer spending is expected to remain resilient going into 2023, underpinned by economic growth and stable employment markets.

However, in a report, RHB Research said the growth momentum may cool in view of the absence of spending boosters, namely Employees Provident Fund withdrawals, loan moratoriums, low interest rates, high commodity prices and pent-up demand.