Malaysians are estimated to spend an average of RM1,735 per month, or approximately RM58 per day, on online purchases, according to Bank Muamalat Malaysia Berhad’s Chief Economist, Dr Mohd Afzanizam Abdul Rashid. This estimate is based on data from the Department of Statistics Malaysia (DOSM) in 2024, which indicated that e-commerce spending among Malaysians has been growing at a rate of 15.4% annually.

Taking this growth rate into account, it is estimated that Malaysians’ total e-commerce spending in 2024 amounted to approximately RM707.9 billion, equivalent to 36.7% of the country’s Gross Domestic Product (GDP). This represents a significant increase compared to 2015, when e-commerce spending accounted for only 16.6% of GDP. Based on the total population of Malaysia, which stood at 34 million in 2024, this translates to an annual per capita e-commerce expenditure of RM20,820, or RM1,735 per month, or RM57.83 per day.

Dr Mohd Afzanizam noted that the rising trend of online spending among Malaysians has had a positive impact on the country’s economic growth. This growth not only offers consumers greater choice but also serves as a revenue source for the government through the implementation of the Low-Value Goods (LVG) tax, which supports the government’s efforts to strengthen its financial position. By boosting government revenue, this tax ultimately benefits the people, as it allows for increased financial assistance and public initiatives.

However, he acknowledged that the rise in e-commerce could intensify competition for local businesses. In light of this, he urged business owners to remain proactive in improving product quality, devising more effective marketing strategies, and carefully managing business costs to ensure sustainable profit margins.

While highlighting the economic benefits of online shopping, Dr Mohd Afzanizam also advised consumers to exercise financial discipline to avoid excessive spending and uncontrolled debt, ensuring that their online shopping habits remain sustainable and responsible.

(Source: Sinar Harian)

• TAGS:
• Department of Statistics Malaysia
• DOSM
• Dr Mohd Afzanizam Abdul Rashid
• E-Commerce
• Online Purchases