KUALA LUMPUR, Feb 8 — MIDF Amanah Investment Bank forecast retail trade to expand by 5.5 per cent in 2022 supported by relaxations of containment measures, economic reopening and progressive improvements in macroeconomic data.
“We forecast private consumption to expand by six per cent for 2022. With interstate travels allowed, we project services sector to benefit and increase by 7.1 per cent for 2022,” it said in a research note today. It said the three-month moving average of distributive trade sales for Q4 2021 grew 5.1 per cent year-on-year versus a decline of 9.1 per cent Y-o-Y versus Q3 2021.
It said the market is adapting with new normalcy and retail spending patterns to shift slightly from pre-pandemic years, especially on information, communication and technology and household items, among others, thanks to remote working and learning arrangements.