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Retail sales inch up amid school holidays while consumer confidence dips
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Customers walk through Jakarta's Tanah Abang Market on Oct. 10, 2023. (JP/Yohana Belinda)
Preliminary data from Bank Indonesia (BI) points to an unimpressive increase in retail sales, while consumer confidence is dropping.
The retail sales index (RSI), which is based on a monthly survey conducted by the central bank, was projected to grow by just 4.4 percent year-on-year (yoy) to a reading of 232.8 in June from 222.9 in the same month of last year.
In monthly terms, June’s RSI forecast marks a 2.1 percent increase from 228.1 points clocked in May.
“Increasing public activity during the Idul Adha religious holiday and school holidays” pushed up the June projection, BI spokesman Erwin Haryono said in a press statement released with the survey results on Tuesday.
In May, the index contracted 3.5 percent month-to-month (mtm), which was attributed to a normalization after increased demand during the Idul Fitri festive season in April, which generally provides a boost for consumer spending.
The projected growth in retail sales in June, according to the preliminary data, was driven by a 5.6 percent annual increase in sales of clothing and a 5.1 percent rise in the category of food, beverages and tobacco.
On the other hand, sales in the product categories of culture and recreation as well as information and communication devices contracted by 5.9 and 4.3 percent yoy, respectively.
