AS THE current economic situation continues to be uncertain, a study done by PHD Malaysia and Vase.ai revealed that consumers are not so optimistic when it comes to their personal finances for next year.
The study pointed out that while consumers are relatively positive towards next year’s economy, 57% of the consumers expressed some reservation towards their personal finances, in which they see either not to improve or not manageable.
“They are likely to bring forward their cautionary spending into 2020. At the outset, 2020 is looking better than what consumers experienced in 2019. Cost of living, Malaysia’s financial position, affordable housing and job security are the four most critical areas affecting consumer sentiment.
“About 51% of consumers are hopeful that 2020 will be better than 2019, while 29% are expecting a status quo,” it said.
Additionally, the research study also validates a common spending trait during economic uncertainty.
By S BIRRUNTHA, The Malaysian Reserve, 13 December 2019