Malaysian consumers are more optimistic about the economic situation compared with the region, the Asean Consumer Sentiment Study shows.
PETALING JAYA: Consumers remain positive about the economic outlook and are focused on securing their long-term financial health through savings, investments and insurance, according to UOB’s flagship Asean Consumer Sentiment Study or ACSS 2023.
The study found that Malaysian consumers are more optimistic about the economic situation than the region with about two in three respondents expecting themselves to be financially better off by June next year.
Although three in four respondents felt Malaysia would likely face an economic downturn within the next six to 12 months, this downcast sentiment had softened compared with last year.
About 37% surveyed indicated they had increased spending on essentials such as groceries, while another 35% spent more on utilities. They are most worried about having the ability to save (34%), affording essential items (30%) and maintaining current lifestyles (26%). — Bernama
