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Consumers upbeat on RI economy in November, but spending boost unlikely
The consumer confidence index (CCI) increased to 125.9 points in November from 121.1 in the previous month, according to a BI survey released on Monday.
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Simple food: A woman looks at prepared meals on Sept. 3, 2024, in a supermarket in Cikutra, Bandung, West Java. (Antara/Raisan Al Farisi)
Indonesian consumers placed more credence in the economy, with retail sales performance inching up slightly in November according to a recent survey from Bank Indonesia (BI), but businesses and analysts suggest that such improvements may not boost the economy.
The consumer confidence index (CCI) increased to 125.9 points in November from 121.1 in the previous month, according to a BI survey released on Monday. That figure was also higher than 123.6 recorded in same period last year.
November’s log was the second highest reading after April, when Idul Fitri took place this year. The Islamic festive season normally marks the peak of consumer confidence.
The November improvement was driven by both matrices that make up the CCI, namely their view on the current economic condition and their expectations for the next six months.
Consumers believed that both their income and job availability had improved in November, but their confidence in durable goods purchases remained muted.
