Amid economic uncertainty, discover how Malaysians can secure their Lunar Prosperity through smart shopping
It goes without saying that Malaysian consumer habits have undergone a seismic shift, driven incessantly by the convenience of online shopping. Despite being a symbol of diverse traditions, festive seasons in Malaysia have a profound impact on the country’s economy, marked by increased spending, government subsidies, and a boost in production. As the Lunar New Year approaches, Malaysians are gearing up for the Year of the Wood Dragon by seeking the best online deals even amidst economic uncertainties.
Buying new clothes during Chinese New Year is considered auspicious, believed to bring in vibrant and positive energy for the Lunar New Year. That said, the COVID-19 pandemic has reshaped how Malaysians shop for CNY, with a significant increase in online shopping over the past three years. This shift presents an opportunity for brands to capitalise on the holiday, promising revenue increases for those investing in online shopping platforms. With new clothes being one of the main things Malaysians will focus on this prosperous season, this has made the new clothes segment the top e-commerce product category to observe, with 32% of Malaysians planning to buy their fashion and apparel online, as revealed by InMobi’s survey[1].
Navigating Economic Challenges and Maximising Budgets
The Malaysian e-commerce market is expected to grow steadily at a rate of 9.8% from 2022 to 2027[2]. According to the International Trade Administration, this growth is supported by a high number of people using the internet (27.4 million or 80% of the population) and a widespread use of mobile phones (84.2% penetration) in 2021. These factors indicate a positive trend for the Malaysian e-commerce sector in the coming years.
That said, amidst the looming risk of inflation in Malaysia, consumers are advised to exercise caution during this season. Whether shopping in-store or online, individuals are encouraged to stay within their budget, reflecting the financial challenges faced by them. Navigating through discounts and sales becomes crucial for those seeking to maximise their spending power while remaining mindful of economic uncertainties.
Along with the shifting economic dynamics, a new wave of online retail stores has surfaced in Malaysia, providing adaptability in the face of uncertainty, such as VIPSHOP, one of China’s distinguished premier online retailers. Recently establishing its presence in Malaysia, VIPSHOP is dedicated to delivering 100% authentic branded products way below market price, which is especially advantageous for Malaysians in presenting them with an opportunity to access quality goods despite prevailing economic challenges.
“Our commitment is to help Malaysians fulfill the utmost best of their shopping experience and in order to achieve this, we constantly need to be on alert to strategically adapt to changes and wholeheartedly embrace new trends. In this manner, we are not only making shopping enjoyable, but also making it financially advantageous for them. By putting the concerns of shoppers first, we are constantly elevating the online e-commerce experience while keeping the economy moving efficiently,” said Sylvia Ong, Marketing Director of VIPSHOP SEA.
To score for the best shopping deals, here are a few strategies[3] to consider:
It is advisable to explore multiple websites for specific items, as some platforms may offer more favorable deals. Taking the time to research ensures a thorough and satisfactory shopping experience.
Registering and subscribing to store emails and newsletters can lead to exclusive discounts and promotions.Keeping a lookout for special offers, especially for newly registered customers, is a great way to maximise your savings.
Keeping a vigilant eye on discount codes or vouchers and strategically applying them in the correct order during checkout can result in more significant savings. Additionally, some platforms offer free delivery vouchers for purchases above a certain amount, enhancing the overall value of your shopping experience.
Capitalising on special events like Cyber Monday, Black Friday, Raya Sale, and other festive periods provides opportunities to secure attractive deals. Making the most of these events helps shoppers enjoy special discounts, adding to a smart savings plan.
Navigating economic challenges demands a strategic approach, and the convenience and affordability offered by e-commerce platforms like VIPSHOP become indispensable for Malaysians. Seamlessly blending your Lunar New Year shopping spree with practical and thoughtful purchases from online retailers not only enhances your celebrations, but also contributes to economic revitalisation through the resilience of e-commerce in uncertain times.
