Consumer spending gets a boost with Account 3

Making travel plans: Shoppers looking at luggage at Berjaya Times Square shopping mall in Kuala Lumpur after EPF allowed consumers to withdraw from their Akaun Fleksibel. — AZMAN GHANI/The Star

PETALING JAYA: The recent withdrawal flexibility of the Employees Provident Fund’s (EPF) Akaun Fleksibel (Account 3 – flexible), which has put more cash into consumers’ wallets, is driving increased consumption, according to industry players.

With more disposable income, some consumers are indulging in discretionary spending while others choose to focus on what is essential.