In a comment by UOB’s flagship Asean Consumer Sentiment Study (ACSS), it was discovered that Malaysian consumers remain positive about the economic outlook and are focused on savings, investments and insurance.

The study found that Malaysian consumers are more optimistic about the economic situation compared to their counterparts in other Asean countries with many expecting to be financially better off next year.

However, most Malaysians feel the country may experience an economic slowdown within the next six to 12 months but many are optimistic that the country can ride out this negative period of sluggishness.

UOB revealed that spending on insurance tops the list of Baby Boomers while Gen Z and Y are more focused on increasing their savings while Gen X places top priority on enhancing their investments.

In analysing daily concerns and spending habits, three out of four Malaysian consumers surveyed are increasingly more concerned about managing their finances, rising inflation, increased household expenses and a decline in savings.

In its fourth year, ACSS is UOB’s analysis of consumer trends and sentiments in Singapore, Malaysia, Thailand, Indonesia and Vietnam and this year 3,400 respondents were surveyed online across the countries.

-THE MALAYSIA VOICE