MIDF Research said the reopening of most countries’ borders would further enhance Malaysia’s retail sales.
The research house said the reopening of most countries’ borders would further enhance Malaysia’s retail sales due to more tourist arrivals, especially those from China. Higher contribution from domestic spending is also expected following the various incentives and income tax reductions under the revised Budget 2023.
This could be beneficial for beverage producers as the demand for ready-to-drink beverages is expected to rise due to an increase in tourist traffic. However, the research house said the effect of higher raw sugar prices would be manageable for food producers as last year’s pricing adjustments could cover the majority of the costs.
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