The domestic services of households' revenue in Malaysia experienced a significant growth from 2013 to 2019, with year-on-year increases ranging between 3.37% and 6.07%. The highest annual growth recorded was in 2019 at 6.07%, leading to a peak value of 1.45 billion Malaysian Ringgits. However, from 2020 onwards, there has been a steady decline, with considerable drops noted in 2020 (-9.66%) and continuing through 2023 (-10.46%). By 2023, the value stood at 0.907 billion Malaysian Ringgits. CAGR over the last five years from 2019 to 2023 averaged at -7.88%, showing a stark downturn compared to the preceding growth period.
Looking forward to the forecasted data from 2024 to 2028, the revenue is expected to continue dropping, with a forecasted 5-year CAGR of -5.42%. By 2028, the domestic services revenue is projected to fall to 0.623 billion Malaysian Ringgits, marking a 24.3% decline over five years. Future trends to watch for include potential economic recovery stimuli, shifts in household spending habits, and the impact of technological advancements on domestic service needs.
