Kota Kinabalu: Retail outlets in the state reported improved sales leading into 2025, which is also a Sabah state level election year.
The biggest growth election budget 2024 of the GRS Sabah Government probably boosted this “post-pandemic spending”.
AdvertisementMany shoppers and F&B consumers throng shopping centres and some lively major malls throughout the state that business observers said were nearly in full recovery from the pandemic, as domestic and foreign tourist numbers soar, pumping billions into the local economy.
This is despite the shift towards e-commerce, prompting retailers to adapt their strategies to cater to changing consumer preferences.
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Sabah’s strong tourism industry performance was driven by retail trade at 43.9 per cent and accommodation, food and beverage services at 30.2 per cent during festive and school holidays, augmented this year-end as more tourists from the north arrived in Sabah to escape the winter in their countries.
Advertisement (adsbygoogle = window.adsbygoogle || []).push({});Likewise the increase in spending by public sector staff enjoying better remuneration and bonus payouts coupled with the expected increase in the minimum wage level for the private sector as announced by the Federal Government.
Sabah also attracted more domestic and foreign investment funds that created more high-income paying jobs, coupled with increased revenue from petroleum exports and sales tax revenue boosted state government spending to tickle down multiplier effects to grow the business economy.
Advertisement (adsbygoogle = window.adsbygoogle || []).push({});According to the federal Ministry of Economy, Department of Statistics Malaysia, business perception in 2024 improved with all sectors showing positive signs.
Wholesale and retail trade sectors turned optimistic about the business landscape as the trend towards experiential retail, with consumers seeking immersive shopping experiences grows stronger.
Malaysia is readying itself for the likely use of nuclear energy after 2035 as it struggles to meet renewable energy and net-zero carbon emission targets.
The federal Cabinet, after discussing in late November a nuclear road map proposed by the National Energy Council (MTN), decided that nuclear power is one of the options of electrical power generation post-2035.
In Sabah, there is no boycott of any business outlets due to religious or geopolitical considerations. Cafe and restaurant operators anticipate their businesses to stay healthy.
The weak ringgit and the visa-free condition for visitors from China brought in a large number of foreign tourists although rising retail prices meant that Malaysian consumers needed to prudently manage their monthly expenses carefully to maintain their lifestyles.
