BMI: Household spending to rise 5% in 2023

BMI said easing inflationary pressures and a healthy reduction in unemployment would form the base for the stable consumer spending outlook.

PETALING JAYA: BMI, a Fitch Solutions company, foresees Malaysia’s household spending growing by 5% year-on-year (y-o-y) in 2023 and will continue its steady growth towards 2024 as the economic recovery feeds through into strong real consumer spending growth.

In a research report, it said easing inflationary pressures and a healthy reduction in unemployment would form the base for the stable consumer spending outlook.