Thursday December 25, 2008
Poll: Malaysians have ‘mega sale’ culture
By LOONG MENG YEE
KUALA LUMPUR: Malaysians are still packing the shopping malls despite fears of a worldwide recession.
The constant talk of a slowdown, however, has turned them into bargain hunters and they have been coming out in full force during the mega sales, such as the current Malaysia Saving Sale.
A international consumer survey showed that 53% of Malaysians were worried, but just could not stop spending.
It was the highest result out of the nine countries – Brazil, Taiwan, Turkey, Japan, Russia, the United States, France and South Africa – surveyed, according to Synovate, a global market intelligence company.
The survey involved 6,500 respondents, including 1,000 Malaysians aged between 50 and 64.
However, they have been quick to cut down on spending on luxury items.
The poll showed that 81% of Malaysians surveyed were spending less, compared with the Taiwanese (61%) and Japanese (59%).
When tightening their belts, the Malaysians said they would forgo leisure travel (18% of those surveyed), branded items (13%), meals with loved ones (12%), big ticket items such as television (11%) and food which were considered treats (10%).
Synovate Malaysia managing director Steve Murphy, when contacted, said Malaysians had developed a “mega sale” culture.
“However, shoppers want quality and they are selective. They do not snap up everything on offer,” he said.
Aeon Co (M) Bhd corporate communication general manager Rashid Adam said people were still buying, especially basic needs like food.
Aeon runs the Jaya Jusco shopping centres.
“The electrical and apparel departments are also doing well because people are buying for the festive occasions right up to Chinese New Year,” he said.
Rashid, however, noticed greater caution in the buying trend compared with the year-end sales last year.
“If they used to buy three items of clothing for each child, now they buy two. This could be because many are unsure of the future.
“Retailers are very aware of public sentiment, that is why our company is cutting down our profit margin,” said Rashid.
The survey also showed that Malaysians were generally less pessimistic, although they were constantly flooded with talk of recession.
Forty-five percent of Malaysians surveyed acknowledged the economy was going through a bad patch but believed recovery would be quick.
Only 22% of Malaysians agreed that their economy was going downhill and would get worse before getting better, compared with the US (63%), Japan (63%), France (64%), Taiwan (49%), South Africa (39%) and Turkey (37%).
Only Brazil and Russia had fewer pessimists than Malaysia, with 20% and 8% of those surveyed in their respective countries agreeing with the statement.
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