东南亚国别消费研究：马来西亚：相对发达经济体，现代渠道主导零售市场

Investment Rating - The report provides an investment rating for Southeast Asia discretionary and staples, specifically highlighting Malaysia as a relatively developed economy with a strong retail market led by modern channels [1]. Core Insights - Malaysia is the fourth largest consumer market in ASEAN, with total consumer spending reaching approximately 239.2 billion USD in 2023, reflecting a compound annual growth rate (CAGR) of 4.4% from 2015 to 2023 [21][22]. - The retail market in Malaysia is dominated by modern channels, which account for about 73% of the market share, with e-commerce growing rapidly at a CAGR of approximately 16% from 2018 to 2023 [36][39]. Economic Overview - Malaysia's GDP in 2023 is approximately 399.5 billion USD, contributing 11% to the total ASEAN GDP, with a projected growth rate of 4.4% for 2024-2025 [5][6]. - The service sector is the largest contributor to GDP, accounting for about 57% in 2023, while the manufacturing sector contributes around 36% [7][16]. Consumer Behavior - The average disposable income in Malaysia is approximately 6,822 USD, with consumer spending exceeding disposable income by 105%, the highest among major ASEAN countries [29][30]. - The population is characterized by a high urbanization rate of 79% and a median age of 32.8 years, contributing to a favorable consumer demographic [31][34]. Retail Channels - The retail market size in Malaysia is estimated at 56.1 billion USD in 2023, with traditional, modern, e-commerce, and other channels comprising approximately 6%, 73%, 11%, and 10% respectively [36][38]. - Convenience stores and e-commerce are the fastest-growing retail channels, with convenience stores expected to grow at a CAGR of about 10% from 2023 to 2028 [39][54]. Import and Export Dynamics - Malaysia maintains a trade surplus, with exports totaling approximately 320.5 billion USD and imports at 272.5 billion USD in 2023, resulting in a trade surplus of 48 billion USD [5][6]. - The country is a significant exporter of palm oil and other agricultural products, while it imports grains and livestock products [5][6].