Malaysia Consumer

研报英文原文证据摘录

Malaysia Consumer

Macquarie Equity Research

18 June 2026

Consumer

Food, Beverage & Tobacco

ASEANMalaysia Consumer

On the Ground 2.0: Spending resilience intact

Amanda

Key Points Foo

• Our follow-up consumer survey suggests sentiment has softened, but

spending resilience remains intact.

• De-escalation of Middle East tensions could grow consumer confidence, Figureoff vs six2 - months43% feelagofinancially worse

ranking as the second most important spending catalyst (22% of

respondents).

• Easing geopolitical tensions and lower oil price could act as

catalysts for both sentiment and earnings. Pecking order:

FFB>MRDIY>99SMART>QLG.

Spending resilience intact. As a follow-up to our October 2025 consumer

survey, our latest findings point to a more cautious but still resilient

consumer backdrop. While financial sentiment has softened amid cost-of- Source: INVOKE, Macquarie Research, June 2026

living pressures and geopolitical uncertainty, consumers continue to spend

across both essential and discretionary categories, supported by subsidised Figure 3 - Spending across categories

however have increased (% reporting

RON95 fuel prices and monthly SARA cash assistance. higher spend vs 6 months ago)

Consumers becoming selective. The key change vs our previous survey

is that consumers appear more selective rather than willing to spend.

Financial wellbeing has weakened, while value-seeking behaviour remains

widespread, with roughly half of respondents switching to cheaper

alternatives across groceries, dining and apparel. Nevertheless, spending

has increased across all six categories surveyed, led by groceries (77%) and

home improvement (58%).

Geopolitics weighing on confidence; easing a catalyst. The Middle East