In 2023, the Clothing and Footwear Final Consumption Expenditure in Malaysia stood at 36.7 billion Malaysian Ringgits. Between 2013 and 2023, the market witnessed variable growth rates, with a significant drop in 2020 (-13.86%) due to disruptions, likely caused by the COVID-19 pandemic, and a notable recovery in 2022 (25.27%). The five-year compound annual growth rate (CAGR) leading up to 2023 was 6.01%. Future projections indicate a steady climb, with a 30.44% overall growth anticipated by 2028, translating to a 5.46% CAGR over the forecast period.
Future trends to watch for:
- Continued recovery and stabilization post-pandemic.
- Increased consumer spending driven by economic growth and rising disposable incomes.
- Potential fluctuations due to economic uncertainties and global supply chain issues.
- Growth in online and omnichannel retailing as consumer behavior shifts.
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