Study: 84% of Malaysians to increase spending during Ramadan

With Ramadan fast approaching, 84% of Malaysians are planning to increase their spending, particularly on food and beverage, fashion and apparel, and personal healthcare. 

Of which, 50% plan to spend on big-ticket items such as gold and jewellery, home furnishing and appliances, as well as electronic mobile-devices.

More importantly, 76% are open to trying new brands during Ramadan. This is according to a Ramadan-Raya Insights 2023/2024 report by GrabAds. 

Don't miss: Study: 73% in ID will make mobile purchases this Ramadan 

Where are users shopping this Ramadan?

According to GrabAds, 70% of respondents prefer to shop online and in stores for festive seasons. An additional, 62% are planning to rely heavily on Grab services such as food deliveries and payments, while 63% will use e-commerce apps. 

38% of respondents said they will use video streaming services to shop. 

“As Ramadan approaches, we anticipate a surge in celebration and consumer activity, especially among families in Malaysia. This presents an opportunity for brands to connect meaningfully online with the right audiences," said Hassan Alsagoff, head of marketing at Grab Malaysia.

"By planning early Ramadan campaigns that leverage data insights and tailored strategies, brands can enrich their customers’ celebrations with engaging communication that serves personalised experiences. This approach not only captures attention but also builds lasting connections with both existing and new audiences.”

According to the report, 84% of respondents break their fast with loved ones. If they're not doing so, they would break their fast with friends (46%), colleagues (22%) or on their own (7%). 

For restaurants, this may mean offering group-menu items with flexible add-ons such as drinks and desserts to appeal to customers ordering for a group. 

Likewise, 94% of respondents are willing to spend more on high-quality products for their families and homes.

Leveraging Grab's services

Out of the surveyed users, 85% prefer Grab's convenience during festive periods. This led to a 9% surge in weekly ridership compared to pre-Ramadan. 

Additionally, the roads usually get busy with families often reuniting in their hometowns, the report added. 

By launching strategic in-car or car-wrap campaigns before Ramadan, GrabAds added, brands can raise brand awareness and capture a loyal customer base even before the festive season takes full swing. 

This report follows GrabAds' Lunar New Year report released in January this year where it found that the average Grab order value of Millennials in Singapore is 6% higher than that of Gen Z users and 11% higher than that of users aged 35 and above during the festive season. 

The report also revealed that brands should be targeting consumers no later than two weeks before Chinese New Year as many households begin stocking up as early as two weeks before a festive period. More specifically, 69% of Singaporeans and 63% of Malaysians stock up on food and beverage items two weeks ahead of time.

Brands should be mindful of the key demographics in each market that they need to cater to when it comes to satisfying Lunar New Year shopping needs as in Vietnam, Gen Z are the main spenders who spend 14% more than Millennials and 11% more than users ages 35 and above.

Join us this coming 24 - 25 April for #Content360, a two-day extravaganza centered around four core thematic pillars: Explore with AI; Insight-powered strategies; Content as an experience; and Embrace the future. Immerse yourself in learning to curate content with creativity, critical thinking, and confidence with us at Content360!

Related articles:
Study: SEA consumer-spending during Ramadan up by nearly 50% 
Marketers, here's the key for deeper audience engagement this Ramadan 
Key considerations to note with Muslim cruise travelling on the rise