Retail sales likely to sustain throughout the year

QL Resources' Family Mart convenience store franchise is appealing, says Kenanga Research.

PETALING JAYA: Consumer spending is expected to stay resilient in the absence of any immediate plan by the government to rationalise subsidies or reintroduce the goods and services tax (GST).

Retail sales are expected to sustain throughout 2023 following a 33.3% year-on-year (y-o-y) increase in 2022 with Retail Group Malaysia projecting local retail sales to grow by 3.5% in 2023.