The final consumption expenditure on recreation services and culture in Malaysia has exhibited varying trends from 2013 to 2023. The expenditure witnessed a consistent increase from 2013 to 2019, peaking in 2019 with a YoY growth ranging from 7.03% to 11.89%. However, it faced a significant decline in 2020 and 2021, with the expenditure dropping by 49.47% and 17.37%, respectively, likely due to the COVID-19 pandemic. The market rebounded strongly in 2022 with a growth of 129.45%, continuing to grow by 17.53% in 2023, marking an expenditure value of 66.67 billion Malaysian Ringgits.
Future forecasts indicate a steady upward trend, with a projected CAGR of 3.78% from 2024 to 2028 and an overall growth rate of 20.4%. By 2028, the expenditure is expected to reach 84.7 billion Malaysian Ringgits, suggesting a resilient recovery and growth.
Trends to watch for include:
- Continued recovery in post-pandemic spending across recreation and cultural services.
- Potential impacts of economic policies and consumer confidence on discretionary spending.
- Emergence of new recreational activities and cultural events influencing expenditure patterns.
- Technological advancements and digital transformation in the recreation and culture sectors.
