Retail value sales of luxury goods in Malaysia are set to rise by 15% in 2023 in current terms to amount to MYR31.0 billion.
Despite the negative impact of issues such as higher prices, Russia’s war in Ukraine, supply chain problems and the cost-of-living crisis, sales of luxury goods have continued to see positive growth in 2023, continuing the pattern seen in 2022. Events during the pandemic had a significant impact on sales luxury goods, with consumers unable to travel due to enforced restrictions, essentially bringing international travel to a standstill and therefore negatively impacting spending by inbound arrivals and leading to a drop in spending in physical retail outlets.
Luxury goods remains highly competitive in Malaysia which is helping to support demand and drive innovation and new product development. With people making more mindful consumption choices, luxury players are focusing more on creating innovative products that offer consumers more value, while still ensuring the affordability of their product and service portfolios.
Luxury retail is seeing significant changes as digitalisation leads to consumers shopping more online and engaging with retailers and brands in a different way. This is leading to a growing number of consumers seeking out luxury brands online and shifting away from traditional retail spaces.
Luxury goods looks set to have a bright future in Malaysia. Pent-up demand in the post-pandemic period is expected to result in consumers increasingly purchasing high-end products during the forecast period.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Malaysia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Malaysia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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