The retail trade industry in Malaysia has shown a steady increase in its contribution to GDP from 2013 to 2023, standing at 8.2 units in 2023. The period from 2024 to 2028 is forecasted to experience continuous growth with a Compound Annual Growth Rate (CAGR) of 1.16%, leading to an estimated contribution of 8.9 units by 2028. The year-on-year variation over the recent two-year period (2022 to 2023) shows an increase of 2.5%. Between 2019 and 2023, the industry grew by an average of 1.6% per year.
Future trends to watch for:
- Implementation of digital retail solutions and e-commerce expansion.
- Potential impacts of economic policies and consumer confidence on spending.
- Sustainability initiatives within the retail sector.