Malaysians Spent RM707.9 Billion or RM1,735/Mth on Online Shopping in 2024, 36.7% of the Country’s GDP

The Chief Economist of Bank Muamalat Malaysia Berhad, Dr Mohd Afzanizam Abdul Rashid, recently revealed that Malaysians spent an average of RM1,735 per month or RM57.83 per day on e-commerce platforms last year.

This estimation was based on data published by the Department of Statistics Malaysia (DOSM) in 2024 which asserted that the growth of expenditure on e-commerce platforms among Malaysians increased by 15.4% annually.

Malaysians spent RM707.9 billion on online shopping in 2024

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Dr Mohd Afzanizam was quoted by Sinar Harian as saying that based on the data, it can be estimated that Malaysians spent a whopping RM707.9 billion last year on e-commerce platforms.

Moreover, this figure is equivalent to 36.7% of our country’s gross domestic product (GDP). He added that this percentage is much higher when compared to 10 years ago when expenditure on e-commerce platforms was 16.6% of the nation’s GDP.

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Meanwhile, DOSM Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin recently revealed that a total of 70.6% of Malaysians purchased goods and services via e-commerce platforms in 2023.

Sinar Harian quoted Dr Mohd Uzir as saying that the figure was a slight increase from the 70.4% recorded the year prior and 64.7% in 2021.

These statistics were part of DOSM’s Individual and Household ICT Usage and Access Survey (ICTHS), which also found that 97.7% of Malaysians used the Internet in 2023.

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So, what do you guys think of Malaysians spending RM1,735 per month on online shopping? Do share your thoughts with us in the comments. 

Also read: MOF: M’sians Owed RM82 MILLION in ‘Buy Now Pay Later’ Loans As of Dec 2024, Most Users Earn Below RM5,000/Mth