KUALA LUMPUR: The estimated expenditure throughout Ramadan is estimated to hit as much as RM10 billion, which includes spending at Ramadan bazaars estimated to be around RM70 million a day.
Economy expert Professor Emeritus Dr Barjoyai Bardai said that such an amount took into account the entire Muslim population of the country, which is estimated to be around 7.5 million Muslim families who roughly spend between RM20 to RM30 each day for breaking of fast.
"This cost includes the purchase of food for breaking of fast, 'moreh' (a feast at the mosque during Ramadan) and 'sahur' (meal eaten before dawn during Ramadan). This does not include Muslim families who are able to spend and enjoy breaking of fast at hotel buffets that are far more expensive.
"If we were to do a simple estimate, for the period of almost a month this Ramadan, expenditure at the Ramadan Bazaar can be around RM2 to RM4 billion.
"If we were to look at the cost for Ramadan buffet at a hotel, it would be between RM100 to RM200, I do not think there are still Ramadan hotel buffets at RM50 per head, in fact it is all RM100 and above," he said.
Barjoyai said that of the 7.5 million Muslims in the country, the estimation for families who are able to spend big, as an example, would be in the region of around 500,000 breaking of fast at hotels each day, and the amount spent would be around RM5 billion.
He said the Ramadan buffets were more often held at big hotels compared to three- to four-star restaurants.
He said that perhaps Bumiputera businessmen and entrepreneurs were less involved and needed to be reminded that Ramadan is the month of highlight in Islam.
"And we have not even taken into account the new Hari Raya attire. If five million families with a household of four people buy one Hari Raya attire at a cost of RM60 per person, then the total expenditure would be RM1.2 billion.
"For other home decorations, if there are a million people buying household appliances at around RM500 for each home, then the total would come up to RM2.5 billion.
"The cost of Hari Raya cookies and confectionaries for 7.5 million Muslim families with an estimate of RM200 for every household, would be RM1.5 billion.
"If there are 500,000 Muslim families that have open houses at a cost of RM2,000 to RM5,000 each, then there would be a total of RM1 billion spent on open houses," he said.
He also called on the public to be mindful and prudent in spending.
"We are encouraged to celebrate and usher in Ramadan and Syawal, but with careful spending within our budget and not going overboard," he said.