According to Economics, Institute of Strategic and International Studies (ISIS), Malaysians are now enjoying a much higher standard of living than before. Its Trade and Regional Integration director Firdaos Rosli, has given a few points to support his claim.
1. Single’s Day Spending
Sales over RM100 million on Nov 11, Single Day alone on a popular online trade platform.
2. Choice of cars
Malaysian Automotive Association, published a data explaining the sales of mid-range foreign car brands, such as Honda, Ford, Mazda and Subaru registered a higher annual growth rate since 2009 than Perodua.
3. Biggest Online Game Spenders
In the past 10 months, we have spent the most amount of money compared to any other countries in South East Asia when it comes to online gaming platforms which equates to a whopping RM2.45 billion.
4. Low unemployment rates
Since 1995, Malaysia’s unemployment rate has not breached the 4% mark, even during the Global Financial Crisis 2007/2008 and the decline in growth of the Malaysia’s Gross Domestic Product (GDP). In 2016, our unemployment rate was at an impressive 3.4%, lower than the likes of United States (4.9%), Germany (4.1%) and South Korea (3.7%).
5. Overseas Spending
The value of transactions of Malaysian credit cards overseas have increased steadily from RM10.9bil in 2015, RM12.3bil in 2016 and RM13.2bil in 2017 according to a data from Bank Negara. “In fact, the value of cash advance by Malaysian credit cards abroad spiked by 68.9 per cent in 2017 compared to the same period in 2015,”.
6. Phone Imports
In the first nine months of 2017, Malaysia imported about twice the value of mobile phones (RM6.85bil) than cars of 1.5 to three liter engine (RM3.47bil). It’s also higher than our top food imports such as rice, milk and cream, coffee, onions and garlic, coconuts, soybeans, corn, milk and cream powder combined.
7. Average Household Income
Since 2009, the mean monthly household income had increased across the board with the bottom 40 per cent household income group (B40) growing the fastest among other income groups.