THERE’S going to be less people indulging on retail therapy (even though most of us need it right now), especially considering the extension of the conditional movement control order (CMCO) that might result in more business closures and major malls facing up to 90% decrease of shopping traffic.
Retail Group Malaysia managing director Tan Hai Hsin said that consumers started to avoid crowded and enclosed places like shopping malls, which is the main reason for the significant drop of shopping traffic.
“Compared to MCO in March and the first CMCO in May, the second CMCO is killing the retail industry, especially non-essential retailers as well as entertainment and recreational operators,” he said.
Tan urges the government to introduce more effective action plans or retail shops will close in big numbers in the next two months.
Meanwhile, RHB Research noted the steady increase of traffic and earnings for convenience stores, particularly 7-Eleven, might be related to the public’s avoidance of shopping malls.
“The consumption pattern in a post pandemic environment could evolve with consumers more inclined to spend in convenience stores that are in close proximity to offices and residential areas while avoiding crowded shopping malls,” it said in a research note today.
Another side effect could also be attributed to the increase of e-commerce use among consumers, showing that people are still spending despite several financial constraints during the pandemic.
Nothing wrong with a little retail therapy
As the COVID-19 cases continue to spike, negatively impacting a majority of local businesses and trickles down to the people, the level of stress among Malaysians is undoubtedly high.
Obviously, retail therapy is just one out of many ways to let off some steam and release some of the stress in everyday life.
But is retail therapy bad?
We know for a fact that it provides only a temporary reprieve – and that retail therapy in excess – can lead to financial troubles. At worst, reliance on it can lead to shopping addiction which leads to even more financial issues.
Yet, we can’t discount its actual therapeutic capability. The question is, can retail therapy be harnessed for good?
Psychiatrist Dr Teoh Meng Kit believed that people shouldn’t be so quick to condemn the act of retail therapy, nor feel so guilty about using it.
“I consider it a human thing. We feel good when we purchase something we want,” he pointed out. “Materialism is an inherent part of being human and we naturally gravitate towards activities that make us feel good, especially after going through tough times.”
He added: “In small, manageable doses, retail therapy absolutely works, and there’s no harm in it. But being overly reliant on it is when things get bad.” – Nov 26, 2020
