Do your part, spend wisely, consumers urged amid Iran war

 Fomca says consumer behaviour plays a key role in price and supply stability, while Malaysians must adjust their spending in times like these.

With the Iran war ongoing, Fomca advises consumers to cook at home, plan essential purchases, support local traders, cut fuel use, and use electricity efficiently. (Bernama pic)

PETALING JAYA:

 While the government has rolled out various measures to protect Malaysians from the economic impact of the Iran war, the Federation of Malaysian Consumers Associations (Fomca) says consumers themselves must do their part and spend responsibly.

Fomca president N Marimuthu said panic buying and poor financial habits could “mess the entire system” as consumer behaviour plays a key role in price and supply stability.

“People shouldn’t panic. That’s the key word. If you panic, you mess the entire system,” he told FMT.

Marimuthu said Malaysians must also be willing to adjust their spending habits, describing this shift as a necessary change in consumer behaviour in such times.

He also urged households to better manage their finances, saying it was a “consumer mantra” that many have forgotten.

“We need to prioritise our needs over our wants. I know these are simple tips, but people have forgotten it.”

Among the steps he suggested were managing food costs by cooking at home and planning purchases weekly instead of making frequent trips that could lead to waste.

Marimuthu also encouraged consumers to support locally-produced products, saying more affordable options are often available from small traders and roadside sellers.

He also said reducing fuel usage was critical as it remained a major expense for many families, while electricity bills could be lowered through simple steps like avoiding standby power and ensuring appliances are used efficiently.

“Don’t keep anything on standby. And if you want to wash your clothes, make sure you have a full load of laundry,” he advised.

Marimuthu also warned against over-reliance on buy-now-pay-later schemes, describing them as “a dangerous game” that could undermine financial discipline.

At the same time, he urged consumers to remain vigilant against price manipulation and to file complaints with the National Consumer Complaint Centre or the domestic trade and cost of living ministry if they spot cases of profiteering.

He also highlighted the role of community-based initiatives such as cooperatives, which can help reduce costs through bulk purchases.

“These have been done in countries like Korea and Japan successfully,” he added.

As the war drags on, Marimuthu urged consumers to stay informed but avoid being alarmist, drawing parallels with the public’s response during the Covid-19 pandemic.

While acknowledging that the government is not perfect, he said Malaysia is already faring better than many other countries facing similar pressures. - FMT