Malaysia’s retail sales recorded 96 per cent year-on-year growth during the third quarter, according to the Malaysia Retail Industry Report by Retail Group Malaysia (RGM).
However, the significant rate was influenced by the restrictions during the third quarter of last year, where a majority of retailers suspended their operations. The industry saw a 27.8 per cent contraction during that period.
The rise in domestic demand also contributed to the high growth rate of the quarter, RGM said. While members of retailers’ associations estimate the average growth rate for the fourth quarter this year will reach 13.9 per cent.
The report said retailers in Malaysia are hopeful that the retail industry will continue to recover at end of this year due to two upcoming major festivals – Christmas and Chinese New Year at the end of January.
The country’s retail sales saw record growth in the second quarter of this year, surging 62.5 per cent year on year, resulting from the Hari Raya festival and the ease of Covid-19 operating restrictions.
Malaysia Retailers Association and Malaysia Retail Chain Association estimated in September that sales in the third quarter would have an average growth rate of 61.7 per cent.