The tourism supply of retail trade in Malaysia has shown strong growth over the past decade. Between 2013 and 2019, the sector experienced robust gains, with annual growth rates often in double digits. However, the market faced a downturn in 2020 due to the pandemic, but quickly resumed growth in the following years. As of 2023, the value stood at 169.25 billion Malaysian Ringgits, representing a 3.41% increase from the previous year. The Compound Annual Growth Rate (CAGR) for the last five years leading up to 2023 was 2.83%, a notable deceleration compared to earlier periods.
Looking forward, the forecast for the next five years suggests a continued upward trend with an average annual growth rate of 2.35% and a total five-year growth rate of 12.33% by 2028. Key future trends to watch for include increasing digital transformation in retail, evolving consumer preferences towards experiential shopping, and the potential impact of geopolitical and economic factors on tourism and retail trade.