EPF withdrawal boost for Hari Raya shopping
SHAH ALAM: With Hari Raya just days away, shoppers are flocking to make their last-minute purchases.
Jakel Holdings executive director Mohamed Izani Mohamed Jakel said consumers are making smart choices and spending cautiously.
“We are very thankful for our customers’ support and attribute part of this to the special RM10,000 Employees Provident Fund (EPF) withdrawal,” he said, adding that it has been two years since Malaysians were allowed to travel due to the movement control order (MCO) following the Covid-19 pandemic.
“Now that we can travel, it may seem like consumers are spending a lot. But in truth, they are being very careful with their money.”
Mohamed Izani said the trend among customers shows that each person purchases an average of one or two outfits only compared with pre-pandemic Hari Raya shopping sprees where they would purchase more.
“But thanks to the EPF withdrawal, more customers can shop ahead of the Hari Raya celebrations.”
Normawati Hassan, 38, said she was shopping for Hari Raya outfits for her husband and children.
“I have not decided if I need something for myself, but I know my husband and children do, so I am buying something for them first. Maybe if I have extra money, I will buy an outfit for myself too.”
Normawati added that she only buys one outfit per family member because she earns a low salary as an office clerk.
“I lost my job as a restaurant manager during the first MCO and was jobless for almost eight months. I am now spending some of my EPF savings on these outfits.”
The mother of six said she is thankful for being able to make the EPF withdrawal to tide her over in these hard times, but she worries about the future too.
“I am scared because we don’t know what the future holds for us, and how much we will have in our EPF if we keep withdrawing money like this. But my family has gone through so much in the last two years that I think it is okay for us to spend some of our savings to celebrate Hari Raya this year.”
Aside from outfits, Normawati also bought some Hari Raya cookies and set aside a small amount of money to give out as “duit raya”.
The Malaysian Muslim Consumers Association has advised the public to spend wisely and not to waste money on unnecessary items.
“We have said repeatedly that consumers must be smart about their spending and have control of their money,” said its chief activist Nadzim Johan.