GEORGE TOWN: Sellers of leisure and recreational goods here were busy as bees shortly after money was disbursed from the Employees Provident Fund’s Account 3.
Several interviewed confirmed that their sales rose by between 40% and 100% in the second half of last month, which coincided with the time when the flexible Account 3 was executed.
ALSO READ: Consumer spending gets a boost with Account 3
A seller of outdoor camping and survival equipment, who wanted to be known only as Ang, said he experienced a 40% increase in the sale of premium camping knives for about two weeks. He said most of the customers who bought during the sales boom were in their 40s.
“A few weeks earlier, a friend told us to expect a boom in sales because people with large amounts saved in their EPF through long years of employment will want to enjoy the ‘higher levels of Maslow’s Hierarchy of Needs’ when Account 3 in their EPF accounts was created,” said Ang.
Maslow’s Hierarchy of Needs is a psychology theory stipulating that after one’s basic physiological and safety needs are met, one can then rise to seek out needs that lead to perceptions of self-actualisation, which include embarking on outdoor adventures.
Ang said it was fortunate that his shop happened to have a selection of top-quality outdoor tools.“They bought premium outdoor knives made with high-grade steel that resists rusting while having strong edge retention that are hard to become dull even after heavy use.
ALSO READ: Account 3 withdrawals based on personal reasons, needs
“These knives cost RM700 and some are more than RM1,000. Now, I am busily restocking after almost selling out these premium knives,” he added.
Starting May 11, under EPF’s restructured Akaun Persaraan (Account 1 – retirement), Akaun Sejahtera (Account 2 – well-being) and Akaun Fleksibel (Account 3 – flexible), contributors aged 55 and below have a one-time option to transfer part of their savings in Account 2 to Account 3. This option ends on Aug 31.In Kedah, a shop selling hi-tech inflatable rafts for fishing and marine exploring saw a 100% spike in boating accessories and consumables.
The manager, who wanted to be known only as Jay, said it was existing customers who contributed to the sales spike.
She said the rise in orders all came from existing customers who already owned inflatable rafts sold in her shop.
“For example, they bought as much as 10 litres of 2T oil for their rafts’ outboard engines. This allowed them to enjoy bulk discounts and free shipping,” she revealed.
Other accessories that suddenly became high in demand included better life jackets.
“With better material, high-quality life jackets are slimmer and cooler although more expensive,” she explained.
Other accessories in high demand shortly after EPF’s Account 3 became available included better paddles, roofing for inflatable rafts and more efficient anchors.
A watch seller in the city, who preferred not to be named, said he was surprised by the number of customers flocking to his shop shortly after Account 3 opened last month. He said he sold high-performance divers’ watches plus other timepieces tailored to outdoorsmen that had features like an electronic compass, altimeter and barometer.
“There was a big surge in enquiries leading to sales. We gave larger discounts to encourage sales because ordinarily, such watches were slow to sell,” he added.
