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Consumer confidence rebounds as retail sales inch up
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Customers walk through Jakarta's Tanah Abang Market on Oct. 10, 2023. (JP/Yohana Belinda)
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nationwide survey by Bank Indonesia (BI) has found that the consumer confidence index (CCI) strengthened in October after dipping in the previous month.
The index reading was 124.3 last month, higher than the 121.7 logged in September, according to the survey published on Wednesday.
BI spokesperson Nita A. Muelgini wrote in a statement that the confidence increase was the result of improvements in both consumers’ perception of the economy and their expectations about the economic situation over the next six months.
Consumer confidence in Indonesia has consistently clocked above 100, the figure that separates overall consumer optimism from pessimism, which in turn affects consumer spending.
The Finance Ministry was confident that the high consumer confidence would translate into increased consumption, which prompted the ministry to project annual economic growth of above 5 percent in the third quarter.
However, Statistics Indonesia (BPS) data showed on Monday that the country only booked 4.94 percent year-on-year (yoy) GDP growth in the third quarter.
According to BPS, household consumption grew 5.06 percent yoy in the third quarter, behind the 5.39 percent yoy in the same period last year.
