Are we a nation of shopaholics?

Rebecca Bloomwood, the lovable but chaotic heroine of Sophie Kinsella’s Shopaholic series, is a financial journalist who knows all about money except how to stop spending it. Even as her overdraft balloons and credit card bills pile up, she keeps buying dresses, shoes and things she never planned to own. It is meant to be funny. But for many Malaysians today, it feels a little too close to home.

Malaysia’s reputation as a nation of shopaholics is no longer just a stereotype or a joke among friends. The numbers tell the same story. From midnight flash sales to Buy Now, Pay Later (BNPL) offers that promise “zero interest”, shopping has quietly become woven into everyday life.

Take TikTok Shop. According to the Malaysian Communications and Multimedia Commission (MCMC), the platform records more than 100 million product views a day. With over 13 million Malaysian users, it has evolved from a place for dance videos into a powerful marketplace, fuelled by livestream bargains, clever algorithms and that familiar nudge: buy now before it’s gone.

Most Malaysians recognise the feeling. A study by the Communications and Multimedia Consumer Forum of Malaysia (CFM) found that more than 60 per cent of social media users have made unplanned online purchases, often after watching a viral video or an influencer’s glowing review. One click leads to another, and before long a parcel arrives — sometimes bringing joy, sometimes regret.

Individually, these purchases may seem harmless. Collectively, they matter.

Consumer spending has played a crucial role in keeping Malaysia’s economy moving, especially during uncertain global conditions. E-commerce has created jobs, boosted logistics and delivery services, and opened doors for small businesses to reach customers far beyond their neighbourhoods. For policy-makers, strong consumption has acted as a buffer, helping to stabilise growth when external demand weakens.

But there is another side to this story, and it is becoming harder to ignore.

Malaysia’s household debt now stands at around 85 per cent of Gross Domestic Product, one of the highest levels in the region. Housing loans still dominate, but unsecured borrowing is rising, and BNPL schemes are a growing concern. Millions of active BNPL accounts are now in circulation, with transaction values climbing rapidly over just a few years.

The appeal is obvious. BNPL lowers the pain of paying now by pushing it into the future. Monthly instalments make purchases feel manageable, especially for young consumers juggling rising living costs. But bills do not disappear; they accumulate. If incomes are disrupted or the economy slows, today’s convenience could turn into tomorrow’s stress.

There is also a deeper behavioural shift at play. The endless sales, payday promotions and personalised ads are designed to trigger impulse rather than reflection. Discounts are framed as savings, even when the item was never needed in the first place. Over time, restraint becomes harder, not easier.

Meanwhile, the smaller physical retailers struggle to compete with large digital platforms that can afford aggressive pricing and thin margins. As shopping habits move online, local high streets change and not always for the better.

Seen this way, Malaysia’s shopaholic streak is not simply about weak self-control. It reflects a system built around speed, convenience and easy credit. Pointing fingers at consumers alone misses the bigger picture.

What Malaysia needs is balance. Consumption will always be part of a healthy economy, and no one is calling for an end to shopping. But rising debt, low savings and growing financial anxiety carry real risks if left unchecked.

Better financial literacy, clearer rules for consumer credit and stronger transparency around BNPL are essential starting points. Just as important is a cultural reset; one that values saving, patience and long-term security as much as the next big sale.

Shopping has helped fuel Malaysia’s growth. The question is whether it will continue to do so sustainably or quietly become a liability we only notice when it is too late.