(Image: 123rf)
According to Bank Muamalat’s Chief Economist, Dr. Mohd Afzanizam Abdul Rashid, Malaysians spend an average of RM1,735 per month (or approx RM58 per day) on online shopping. Based on 2024 data from the Department of Statistics Malaysia, e-commerce spending has been growing at 15.4% annually.
In 2024, total e-commerce spending reached RM707.9 billion, making up 36.7% of Malaysia’s GDP – up from 16.6% in 2015. With a population of 34 million, this equates to an annual per capita e-commerce expenditure of RM20,820.
These statistics were part of DOSM’s Individual and Household ICT Usage and Access Survey (ICTHS), which also found that 97.7% of Malaysians used the Internet in 2023.
(Image: Focus Malaysia)
Dr. Afzanizam highlighted that rising online spending supports economic growth and government revenue through the Low-Value Goods (LVG) tax, funding public initiatives. However, he warned that increased competition challenges local businesses, urging them to improve product quality, marketing, and cost management.
He also advised consumers to shop responsibly to avoid excessive spending and debt.
(Source: Sinar Harian)
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