Recently, 11street conducted an online survey regarding festive season expenditure amongst Malaysians and found some interesting responses from over 2000 people surveyed. This survey was conducted from May 16 to June 6, with the goal of providing a better understanding on the expenses of the nation as Hari Raya approaches. The response, acting as the voice of the nation, delves into 3 important categories – spending patterns, priorities and platform of choice.
Malaysians will be spending more this Raya!
It is inevitable that during festive seasons like Hari Raya that is fast approaching, our rising cost of living will be felt more than ever as 90% of the surveyed population indicated that expenditure during the Raya Festive season will possibly increase. Since the implementation of GST in 2015 and the weakening ringgit, we Malaysians are continually looking for effective ways to stretch every ringgit spent.
“Rising costs can also be translated as increased spending during the festive period, since the need to celebrate remains as priority,” said Hoseok Kim, CEO of 11street. “During this festive season, 11street is offering many avenues for purchasing the things that you love under the ‘Manis Ramadan, Meriah Lebaran’ Campaign. Through this campaign, we are also promising a lowest price guarantee under our flagship Shocking Deals section. This simply means that everyone can still enjoy the festivities, without putting too much strain on the wallet.”
Necessities – Clothes, Food and Decor
Even with rising costs, there is no way we will go without buying new Baju Raya, which was found in the survey that it is still the most necessary item during the Raya celebration because it has significant ties to the traditions of Hari Raya. 78% of the respondents stated that they will still purchase new Hari Raya clothing before purchasing any other items which include accessories, shoes, and luxury branded goods. The survey did, however, show an increase in brand consciousness in men when purchasing Raya clothing.
“The world of fashion is constantly evolving. Men today are more interested in branded items and are more traditional while women are more ready to take daring chances to stand out. At 11street, we’re stepping into fashion this Raya with renowned local designers, bringing different kinds of exclusive styles such as batik, French chic, and classic elegance to suite the tastes of these modern fashionistas,” stated Mr Kim.
Other expenses highlight include Raya goodies such as kuih, biscuits and decorations, which are all needed for open house when guests come and visit. The rising cost of living doesn’t really hinder the celebrations, but only add to the constraints.
Malaysians are now becoming more prudent and consequently smarter with their spending. For instance, more than 60% of Malaysians see value in involving family members when making a decision to spend. Therefore, there is a growing trend of shifting to the e-commerce platform, as they are able to provide better money saving options.
From left to right – 11street’s Vice President of Marketing Communication, Ms. Wong Siew Lai; 11street’s CFO, Encik Naza Rahim; 11street’s CEO, Mr. Hoseok Kim; and 11street Senior PR Manager, Ms. Judy Wong posing for a photo before the buka puasa event
Positivity for Online shopping!
The survey shows that 95% of Malaysians are positive about online shopping suggesting that technology is playing a big role in the establishment of e-commerce. Kim adds, “E-commerce is again proven to be a go-to outlet with many are positive with the possibilities of purchasing things online. As Hari Raya approaches, we are expecting more people to turn towards online shopping in the interest of convenience and time.”
E-commerce is definitely game changer for retail in the coming years as people transcend into a more digital savvy age compared to just a couple years ago. These days, we can buy just about anything online, from clothes to groceries to our next meal. The youth of our nation are already beginning to digitize and eventually e-commerce will be aiding brick and mortar stores. States like Kedah, Perak and Sarawak are seeing an increase in adopting digital shopping.
Tailoring to Raya Needs
With valuable insights from the survey, Kim also highlighted, “It is important to understand the consumer first, then being able to provide when the economy hinders the spending power of the consumer. With this festive period upon us, 11street acknowledges the means to purchase something considered a necessity at an affordable price.”
Kim continues, “With more than 6 million products at unbeatable prices from19,000 sellers under our e-roof, we are giving Malaysians all across the nation the means to have a fruitful Hari Raya without much strain on expenditure. At 11street, we constantly strive to provide the best for our customers.”
11street is offering Manis Ramadhan, Meriah Lebaran Campaign to cater for all of Malaysia’s Hari Raya needs with up to 90% discount and RM10 million worth of coupon giveaways supporting popular brands like Tupperware, SyomirIzwa Fashion and Nestle so customers all over Malaysia, whether looking to hold close to tradition or are tight on a budget, can afford the necessities this Hari Raya.
For more information on Manis Ramadhan, Meriah Lebaran Campaign, please visit 11street.my (www.11street.my) or contact 03-2720 0000 for more information.