Iftar spending estimated to reach RM25.8 billion, with 5.4 billion at bazaar - Expert
Sales prices may not increase significantly due to the public boycotting last year's bazaar due to price hike.
SHAH ALAM - The Ramadan iftar spending this year is estimated to reach RM30 billion, covering spending at Ramadan bazaars, restaurants, and hotels.
Universiti Sains dan Teknologi Malaysia (MUST) economic expert Professor Emeritus Dr Barjoyai Bardai said that out of the total Muslim population of 22 million in the country, approximately 12 million people are expected to make purchases at Ramadan bazaars, averaging RM15 per person daily.
"The total amount spent by those shopping at bazaars for the month (30 days) is estimated at RM5.4 billion or RM180 million per day.
"This estimate is three times higher compared to last year due to the increased number of Muslims making purchases at Ramadan bazaars and there may be traders taking advantage to raise prices following the increase in the prices of goods and services," he said when contacted on Monday.
Previously, Barjoyai in a newspaper report last year mentioned that the estimated spending throughout Ramadan could reach RM10 billion, including spending at Ramadan bazaars involving more than RM70 million per day.
This year, he expected sales prices not to increase significantly due to the public boycotting the actions of Ramadan bazaar traders last year who hiked prices indiscriminately.
At the same time, Barjoyai also estimated that around 10 million Muslims will spend at three or four-star restaurants and hotels, with a total spending value of RM25.8 billion.
"I have made this estimate conservatively, so the restaurant dining spending per person is RM30, but it can reach up to RM40.
"For Ramadan buffets at hotels, I estimate the minimum price per person to be RM100 for regular dishes (not luxurious) as it can reach up to RM200," he said.
INFO
IFTAR SPENDING
Bazaars:
12 million x RM15 per day x 30 days
Total: RM5.4 billion per month
Restaurants and hotels:
10 million x RM30 per person (restaurants) or RM100 per person (hotels) x 30 days
Total: RM25.8 billion per month
