KUALA LUMPUR: Almost seven in 10 Malaysian consumers (69 per cent) are buying more from local brands to help these businesses bounce back from the Covid-19 pandemic, a survey by UOB Malaysia shows.
The trend was stronger here than in Thailand (67 per cent), Vietnam (58 per cent) and Singapore (51 per cent), according to the UOB Asean Consumer Sentiment Study.
Only Indonesia, at 72 per cent, shows a higher consumer preference for local products.
UOB Malaysia executive director and country head Raymond Chui said the positive sentiment reflected in the survey was a morale booster for Malaysia's homegrown businesses impacted by measures to curb the spread of Covid-19.
"Every ringgit spent to support local businesses can and does make a difference. The preference for local brands will potentially mean higher sales for Malaysian businesses, which will also help boost the confidence of the owners and employees.
"Given the precautionary measures put in place to fight Covid-19, consumers prefer to show their support for local brands through online purchases. Indeed, many consumers and businesses have been turning to the Internet to buy and to sell," he said in a statement today.
Chui added that this can be seen from the 41 per cent year-on-year increase in the online sales of the bank's retail business customers since March to October this year.
The survey also found that due to the pandemic, Malaysian consumers had prioritised their online spending on food deliveries (91 per cent), groceries (89 per cent), health supplements (84 per cent), personal beauty products (85 per cent) and apparel (88 per cent).
Meanwhile, the survey found that 60 per cent of Malaysian consumers had spent more on businesses that support lives and livelihoods affected by Covid-19.
UOB said 53 per cent indicated that they would stop buying from brands that were irresponsible or that take advantage of consumers during the pandemic.
"In line with the national #kitajagakita (we take care of each other) campaign, consumers are using their spending power to reward businesses that are making an effort to support the community as it battles Covid-19. This trend underscores the importance of businesses operating responsibly.
"Companies with responsible business practices are more likely to do better in the longer term," said Chui.