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Retail sales barely grow despite high consumer confidence
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A worker arranges sweetened drinks in a supermarket in Jakarta on Dec. 14, 2023. (Antara/Cahya Sari)
P
reliminary data from Bank Indonesia (BI) point to just a slight rise in retail sales last month even as consumer confidence jumped by a respectable margin.
Based on a survey conducted by the central bank, the retail sales index (RSI) was projected to grow by just 0.1 percent year-on-year (yoy) to a reading of 243.2 in April, from 242.9 in the same month last year.
In monthly terms, April’s RSI forecast marks a 3.3 percent increase from 235.4 points clocked up in March.
By contrast, March, the month that most of Ramadan fell in this year, saw significant increases of 9.9 percent year-on-year (yoy) and 9.3 percent month-to-month (mtm), according to the survey results released by BI on Tuesday.
The Muslim fasting month generally provides a boost for consumer spending.
The projection for April was mainly supported by annual sales growth for three distinct product categories, namely those of spare parts and accessories with 6.1 percent, vehicle fuel with 1.4 percent and food, beverages and tobacco with 1.3 percent, according to BI’s analysis of the survey results.
All other product categories, meanwhile, experienced an annual contraction.
