KUALA LUMPUR (Jan 9): Malaysia’s consumer spending grew at a slower pace in November as wholesale and retail sales growth moderated after a blistering pace a month earlier.

Wholesale and retail trade totalled RM158.9 billion, an increase of 6.4% when compared to the same month in 2024, the Department of Statistics Malaysia (DOSM) said in a statement. In October, distributive trade had risen 7.2% year-on-year, the fastest pace in more than two years.

On a month-on-month basis, sales value declined 1.2% compared to a 1.8% gain in October.

The wholesale sub-sector recorded RM70.1 billion, a 6.0% year-on-year increase, largely driven by stronger sales of petrol, diesel and lubricants, electrical and electronics goods, food, and machinery and equipment.

The retail trade sub-sector was up 6.4% to RM69.0 billion, thanks partly to Sumbangan Asas Rahmah cash aid that boosted sales at provision stores, supermarkets, mini markets, as well as department stores.

The motor vehicles sub-sector, meanwhile, expanded 8.0% to RM19.8 billion, thanks to higher sales of vehicles and that of parts and accessories. Maintenance and repair spending also rose.

After adjusting for price changes, the volume index of wholesale and retail trade registered a 5.2% growth in November, against the same month in 2024. However, the seasonally adjusted volume index decreased by 2.0% on a month-on-month basis.

The index for retail sales over the internet was 7.3% higher year-on-year in November when compared the same month last year, which reflected sustained consumer demand.

Adoption of digital payment gained further momentum in November amid changing consumer habits, with e-money transactions surging 67% year-on-year to RM27 billion.

Transactions on the Financial Process Exchange, a system also known as FPX that allows users to pay merchants directly from their bank accounts through the internet, climbed 20% to RM41.5 billion in November.