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Learn more15 pages, Sep 2016
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Malaysia’s economy is expected to see slower growth in 2016, arising from the declining Malaysian currency, weak exports and political instability. Furthermore, the Goods and Services Tax (GST), introduced in 2015, is still poorly received by consumers. This will greatly impact companies across institutional markets, as end-users control and limit spending on contract services and also further reduce using services from service providers.
Most manufacturers refuse to sell products to end-users directly because it is troublesome to do so in single units or small quantities. By engaging distributors in different regions to sell products, manufacturers can spread their products in a wider territory, as well as selling products in mass quantities. International companies in particular rely on distributors and their sales representative to advertise and promote their products, as local distributors better understand the requirements and adapt to local cultures.
The Minimum Wages Policy has raised the basic wages of all employees to a minimum of MYR900 in Peninsular Malaysia and MYR800 in Sabah, Sarawak and Labuan. This means that employees in Malaysia have the right to expect a minimum basic wage. Foreign labour costs have increased continuously due to stricter rules and complicated processes; therefore players need to look for cheaper supply in mass recruitment. This has negatively impacted contract services, especially contract cleaning and foodservice, areas in which locals are less interested in working.
Outsourcing in Malaysia increased across several institutional channels such as healthcare, lodging, restaurants and the government. The Malaysian Government had to cut spending on its public institutions and increasingly outsource non-core business activities due to the economic slowdown. The majority of the larger companies are keen on planning to save on overhead costs in order to ensure operational efficiencies, therefore some services and products were increasingly outsourced, particularly foodservice and cleaning.
It is expected that social work services will grow more strongly than other institutional channels over the forecast period. As Malaysia increasingly becomes an ageing society, demand for social assistance for the aged and special categories of persons with limited ability for self-care will tend to increase. In 2016 only 85,000 individuals have participated in the 1Malaysia Retirement Savings Scheme since it was introduced in 2010. As the majority of individuals remain unprepared for retirement, it is likely that we will see more welfare and guidance facilities, community centres, or even day facilities for the homeless introduced over the forecast period.
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Overview:
Discover the latest market trends and uncover sources of future market growth for the Institutional Channels industry in Malaysia with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Institutional Channels industry in Malaysia, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.