PETALING JAYA: Malaysia was ranked 10th among Asia-Pacific countries in terms of retail spending last year according to Visa's annual global Commercial Consumption Expenditure (CCE) Index.
Malaysia recorded a total of US$404bil (RM1.2tril) in retail spending for 2011, an increase of 24% from 2010.
In a statement, Visa country manager for Malaysia Stuart Tomlinson said: “There was a significant increase in Malaysia's estimated growth in retail spending for last year, with a 20% increase year-on-year, surpassing many other Asia Pacific countries.”
The Index noted Asia-Pacific recorded the largest share of global CCE spend, followed by Europe, the United States, Central/Eastern Europe, the Middle East and Africa, Latin America/Caribbean, and Canada.
The top five Asia Pacific markets in terms of total spend were China (US$12.3 trillion), Japan (US$11.7 trillion), India (US$3.9 trillion), South Korea (US$2.8 trillion) and Australia (US$2 trillion).