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View all search resultsConsumer sentiment, retail sales weaken amid cautious spending
Indonesian consumers remain broadly optimistic about future economic conditions despite dipping 0.4 points in September, BI has said in a note accompanying its latest survey.
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A woman walks down an aisle of sugar-sweetened beverages at a supermarket in Jakarta on Dec. 14, 2023. (Antara/Cahya Sari)
C
onsumer confidence weakened in September amid deteriorating public perceptions of current economic conditions, while retail sales are also expected to see slower growth, according to a monthly survey by Bank Indonesia (BI) published on Thursday.
The consumer confidence index (CCI) dipped slightly to 118.1 in September from a reading of 118.5 the previous month, but remains well above the 100-point mark that separates public optimism from pessimism.
“Bank Indonesia’s consumer survey in September indicates that consumer confidence in economic conditions remains strong,” BI spokesperson Ramdan Denny Prakoso said in a statement accompanying the survey.
Ramdan said consumers’ general optimism had been maintained in September, supported by a rise in the economic expectations subindex to 128.7, from 127.6 in August.
While consumers’ overall expectations for economic conditions over the next six months have continued to rise, their expectations for business activity have declined to 121.5 from 122.1 over the same period.
This was particularly pronounced among individuals earning an income between Rp 3.1 million (US$172.9) and Rp 4 million, whose index dropped sharply to 113.8, from 122.6 in August.
Meanwhile, the current economic conditions subindex fell to 107.5 from 109.4 amid decreased optimism regarding current incomes and job availability. Respondents’ current income assessments worsened, especially among households earning Rp 1-2 million, whose index slid into pessimistic territory at 99.9.
