Malaysians cut back on non-essentials as costs rise, CIMB Securities finds
Malaysians are prioritising essentials and value-for-money purchases while cutting discretionary spending, according to CIMB Securities' review of 16 consumer companies' second-quarter earnings. Staples companies posted 8.6 per cent revenue growth, while discretionary retailers saw profit fall despite higher revenue, with fashion and lifestyle players like Padini and Bonia hit hardest.