The retail trade revenue in Malaysia has experienced robust growth over the years, reaching 137.21 billion Malaysian Ringgit in 2023. From 2013 to 2019, there was a consistent upward trend, with noticeable variations in year-on-year growth, averaging around 10-11%. The COVID-19 pandemic caused a dip in 2020 with a decline of 4.56%, but recovery followed from 2021 onwards. The last two years saw variations of 12.1% in 2022 and 5.34% in 2023, reflecting a steady rebound. The five-year CAGR leading to 2023 was 4.96%, indicating moderate growth.
Looking ahead, the forecasted data from 2024-2028 shows a continual increase in retail trade revenue, albeit at a slower pace. The 2028 forecast for retail trade revenue stands at 170.97 billion Malaysian Ringgit, indicating a forecasted 5-year CAGR of 3.48% and a total growth rate of 18.65% over the same period.
Future trends to watch for include the potential impact of digital transformation in retail, changes in consumer behavior favoring e-commerce, and economic policies that could affect disposable income and spending habits. Additionally, sustainability trends and technological innovations in retail operations could play a significant role in shaping the future landscape of Malaysian retail trade.