Going into 2023, one of the key things concerned was a global recession, and this continues to be the case.

Now while definitions of what constitutes recession differ around the world, it essentially means a shrinking economy, ultimately due to lower business and consumer spending.

In fact, some numbers overnight show that U.S. retail sales fell by the most in a year in December, further highlighting this concern as consumer spending is essential for many businesses, and therefore the economy.

So today we turn our attention to consumer sentiment in Malaysia and ways businesses can adapt to the possibility of falling consumer spending with Rakesh Mani, Partner at PWC Malaysia - leading the consumer and retail practice across the region.