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View all search resultsetail sales have grown thanks to the consumption boost from the Idul Fitri holiday period, but consumers are feeling less optimistic about the coming months as they anticipate the economic fallout of the Iran war.
According to preliminary data from Bank Indonesia (BI) published on Monday, the retail sales index (RSI) was projected to have climbed to 254.2 points in March, marking the highest point in at least two years.
That figure represents a 9.3 percent increase from 232.7 points registered in the preceding month and 2.4 percent year-on-year (yoy) growth.
In a statement released alongside the data BI spokesman Ramdan Denny Prakoso attributed the jump to “increased demand” during Ramadan, which began in late February this year, and Idul Fitri, which fell in March.
The period typically generates increased economic activity in the Muslim-majority country as Indonesian consumers spend big during the Islamic fasting month and the festivities following it.
Most of the annual sales growth was attributable to three categories: spare parts and accessories, cultural and recreational goods as well as food, beverages and tobacco.
Sales of spare parts and accessories were projected to grow by 11.3 percent yoy in March, maintaining a strong pace for a ninth month running.
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