Malaysia’s Retail Spending Resilient in November 2025 Despite Slower Growth Pace

Malaysia’s distributive trade sector continued its resilient performance in November 2025, recording year-on-year growth of 6.4%, marking the third consecutive month above 6% despite a moderation from October’s 7.2%. The slowdown was broad-based, with wholesale trade easing to 6.0% (from 7.3%), retail trade to 6.4% (from 6.8%), and motor vehicle sales to 8.0% (from 8.2%).

Retail Spending

Within retail, key sub-sectors showed softer expansion, including non-specialised stores at 8.7%, non-store retail at 7.2%, and specialised automotive fuel sales at 6.7%. Analysts attribute the sustained strength to robust consumer spending towards year-end.

In response to the stronger-than-expected data, economists have revised their 2025 full-year retail sales forecast upward to 6.0% (from 5.5%), slightly below 2024’s 6.1%. Looking ahead, retail growth is projected to hold steady at 6.0% in 2026, supported by targeted fiscal stimulus and favourable macroeconomic conditions. – MBSB

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