An Overview of Personal Luxury Brands Consumption in Malaysia

Razak, Mohamad Idham Md; Ariffin, Zailin Zainal; Yahaya, Mohd Nor; Ismail, Irzan

doi:10.6007/ijarbss/v11-i3/8483

“…To help zakat institutions devise a strategy for future planning, an accurate forecast model is important to effectively predict the future trends of zakat collection. [15] utilised the polynomial model, the exponential model, and the discrete Malthusian growth model to forecast the trend of zakat collection for Pusat Zakat Melaka (PZM) for year 2000-2009. The study found that the polynomial model was the best model compared to exponential and Malthusian models based on the smallest value of sum square error (SSE) for in-sample forecast.…”

Section: H Application Of Forecasting Methods In Zakat Collection Fro...mentioning

confidence: 99%

Utilisation of Holt-Winters Forecasting Model in Lembaga Zakat Selangor (LZS) For Zakat Collection

Ishak,

Mohd Jaapar

2020

MJoSHT

0

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Predicting the collection of zakat in Malaysian zakat institutions is crucial for effective zakat distribution. The surplus problems in zakat funds motivated this study to use more precise statistical methods to predict the future trend of zakat collection. The main objective of this paper is to forecast monthly zakat collection for 12 months ahead of the Lembaga Zakat Selangor (LZS). This research used the Seasonal Exponential Smoothing (Holt-Winters) model to predict zakat collection in LZS. The study utilised monthly zakat collection time series data from 2010 to 2018. The analysis was carried out using Excel Solver. The findings show that the Holt-Winters model is suitable to forecast the monthly zakat collection of LZS as it accounts for seasonal variation. The finding of this study indicates that the Holt-Winters Multiplicative (HWM) model best fits the monthly zakat collection time series data. The multiplicative form of Holt-Winters model yields 24.51% lower error compared to the additive one using the Mean Absolute Percentage Error (MAPE). The findings of this study will help zakat institutions to accurately predict future zakat collection which may consequently improve the management of zakat distribution without leaving a significant amount of zakat surplus. The forecast results can also be used to create a strategy to handle zakat funds based on the amount of registered asnaf. In addition, the study can serve as a basis for the development of a framework to forecast future zakat collections.

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“…The appeal of luxury goods continues to win over Malaysians' hearts. One significant reason in the expansion of Malaysia's high-fashion sector is the establishment of independent retail stores like Tom Ford, Yves Saint Laurent, and Dior (Md Razak et al, 2021). Therefore, it can be argued that emerging nations, particularly Malaysia, are responsible for the luxury market's explosive growth (Hung & Tse, 2020).…”

Section: Introductionmentioning

confidence: 99%

A Pilot Study Exploring the Purchase Intention of Luxury Fashion Brands in Malaysia

Ming

¹

2023

IJMHS

0

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A person might purchase luxury goods for various reasons, such as to flaunt their riches, prosperity, or success, to uphold their social status, or simply because it is thought to be of higher quality. Therefore, the focus of this study to identify factors which influences customers' buying intention of luxury fashion brands. The framework incorporates status, acceptance, materialism, and a very crucial construct, i.e., income as the moderating variable for this study. By sharing the URL to the questionnaire on social networking sites, data was collected online using a survey tool. The sample under consideration for this pilot study constitutes 71 responses. The findings revealed that status significantly influence purchase intention of luxury fashion brands while acceptance and materialism do not. Furthermore, this study also proved income as a moderating factor among the relations of status, acceptance, materialism, and purchase intention. Overall, it will be beneficial to investigate the variables impacting buying intention of luxury fashion brands by customers in emerging countries, considering the expansion of these companies in Malaysia.

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Utilisation of Holt-Winters Forecasting Model in Lembaga Zakat Selangor (LZS) For Zakat Collection

Ishak¹,

Jaapar²

2021

MJoSHT

1

0

View full text Add to dashboard Cite

Predicting the collection of zakat in Malaysian zakat institutions is crucial for effective zakat distribution. The surplus problems in zakat funds motivated this study to use more precise statistical methods to predict the future trend of zakat collection. The main objective of this paper is to forecast monthly zakat collection for 12 months ahead of the Lembaga Zakat Selangor (LZS). This research used the Seasonal Exponential Smoothing (Holt-Winters) model to predict zakat collection in LZS. The study utilised monthly zakat collection time series data from 2010 to 2018. The analysis was carried out using Excel Solver. The findings show that the Holt-Winters model is suitable to forecast the monthly zakat collection of LZS as it accounts for seasonal variation. The finding of this study indicates that the Holt-Winters Multiplicative (HWM) model best fits the monthly zakat collection time series data. The multiplicative form of Holt-Winters model yields 24.51% lower error compared to the additive one using the Mean Absolute Percentage Error (MAPE). The findings of this study will help zakat institutions to accurately predict future zakat collection which may consequently improve the management of zakat distribution without leaving a significant amount of zakat surplus. The forecast results can also be used to create a strategy to handle zakat funds based on the amount of registered asnaf. In addition, the study can serve as a basis for the development of a framework to forecast future zakat collections.

show abstract

An Overview of Personal Luxury Brands Consumption in Malaysia

Cited by 3 publications

References 0 publications

Utilisation of Holt-Winters Forecasting Model in Lembaga Zakat Selangor (LZS) For Zakat Collection

Utilisation of Holt-Winters Forecasting Model in Lembaga Zakat Selangor (LZS) For Zakat Collection

A Pilot Study Exploring the Purchase Intention of Luxury Fashion Brands in Malaysia

Utilisation of Holt-Winters Forecasting Model in Lembaga Zakat Selangor (LZS) For Zakat Collection

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