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Retail sales to rebound, as consumer confidence rises: BI surveys
The retail sales index rebounded in January after months of sluggish growth, while consumer confidence continued to increase in January.
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Customers browse for clothes at a shop in Jakarta on June 9, 2020.
(AFP/Bay Ismoyo)
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Bank Indonesia (BI) survey has forecast the retail sales index will rebound, marked by 1.7 percent year on year (yoy) growth in January after slower growth each month since July last year.
The growth in January was much higher than the 0.7 percent yoy figure booked last December, while also surpassing November’s growth of 1.3 percent yoy.
“The rebound in January was driven mainly by food, drinks and tobacco,” Erwin Haryono, BI spokesperson said in a statement on Thursday.
On a monthly basis, the retail sales projection in January is expected to dip by 2.1 percent compared with the previous month, which BI noted was driven mainly by the communication devices, fashion and recreation categories.
"It is a seasonal decline after a surge in demand during the Christmas and New Year period," Erwin said.
Read also: Consumer spending insights from 2022 to early 2023
Meanwhile, the consumer confidence index continued to strengthen to 123 points in January, up from last December’s 119.9 points, BI data show. The figure was also the highest since August last year.
