Consumer spending likely to be affected in 2024

Kenanga Research projects a 6.2% growth in private consumption in 2024, versus an estimated 4.8% in 2023.

PETALING JAYA: Sustained high inflation, coupled with expected hikes in utility tariffs as well as the impending subsidy rationalisation may result in subdued consumer spending in 2024.

Kenanga Research said middle-income earners could be most affected, while the lower-income group may be less affected thanks to recurring cash handouts and various subsidies from the government.