CHANGES in unemployment figures, growth rate, gross domestic product and inflation tend to elicit a general "what-do-I-care" shrug from Malaysians. Unless they're involved in corporations whose revenue and fortunes are tightly bound to the vagaries of macroeconomics, Malaysians glaze over its implications.
However, a singular macroeconomic aspect gets them shuddering in delirium or dread: ringgit fluctuations, especially against the US dollar, the pound, the euro, the yuan and the Singapore dollar. Never mind economic ramifications of such fluctuations, the reasons for the interest are simple: tourism in foreign soil and e-commerce.
The more the ringgit depreciates against these muscular currencies, the more Malaysians' foreign trek and online shopping cost. And how.
According to research, Malaysians spent RM10.3 billion on foreign tours in 2021, but a staggering RM64 billion domestically in 2022. Ninety per cent of Malaysians with Internet access are devoted e-shoppers, with online sales totalling RM1 trillion in 2021. It makes you wonder about the immense cut tech titans like Amazon giddily extract from Malaysian online shoppers.
Still, the ringgit's depreciation against major currencies doesn't dampen Malaysians' proclivity for foreign travel or online shopping. But Malaysians have to be a little envious of foreign visitors — loaded with strong currencies, shopping, staying and eating locally on what is considered peanuts to them.
At the same time, Malaysians groan loudly at the hefty price of food and beverage — in ringgit terms — in London. But spend they do. So, foreign travel eats up the annual bonus.
So, how can Malaysians be persuaded to splurge more of that extra spending money on local tours or online stores? Better still, how can the government convert this challenge into a revenue-driven opportunity? While it's generally tough for local e-sellers to compete with the likes of Amazon, it's much easier for tourism spots to pitch their amazing destinations.
There are practically thousands of spots scattered nationwide, hidden green gems and beach fronts of exotic beauty and wonder. And that's excluding the famed island tourist traps. Primarily, the Tourism, Arts and Culture Ministry and its main marketing arm, Tourism Malaysia, have their jobs cut out for them.
Malaysians can't visit local exotica if they don't know such spots exist. The mainstream press and social media does a decent job highlighting these fascinating destinations, but the problem is consistency: there's too little of it.
This is where the government can spend more of that tourism budget allocation, by putting up regular pages featuring far-flung places for Malaysians, and foreigners, to visit and savour.
The country is too consumed with petty political squabbles or the next election cycle, so a nice distraction like local tourism could compel people to saunter to these rare sights, even if they are in their own backyard.
Who knows, all these friendly exchanges and intermingling might help Malaysians better understand and feel for their brethren.