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View all search resultsConsumer confidence up in October despite cautious spending
Indonesia’s consumer confidence rose in October, driven by growing optimism about current and future economic conditions, while retail sales are also expected to edge up year-on-year despite shoppers holding back.
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A customer browses products ahead of a trolley in a supermarket in this undated photograph. (www.shutterstock.com/-)
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ndonesia’s consumer confidence rose in October, driven by growing optimism about current and future economic conditions, while retail sales are also expected to edge up year-on-year (yoy) despite shoppers holding back.
Bank Indonesia’s (BI) monthly survey shows the consumer confidence index (CCI) rose to 119.9 in October from 118.1 the previous month, remaining well above the 100-point mark that separates public optimism from pessimism.
Consumer confidence improved across nearly all spending brackets, with the highest confidence remaining among those who typically spend more than Rp 5 million (US$276).
BI spokesperson Ramdan Denny Prakoso stated in a press release on Monday that the rise in consumer confidence was supported by the survey respondents’ more upbeat assessments of current economic conditions as well as their expectations for the future.
Read also: Consumer sentiment, retail sales weaken amid cautious spending
Expectations of economic conditions over the next six months climbed to 130.7 in October from an already strong reading of 128.7 in September.
Consumers' perception of the current economic conditions also improved following a deterioration in the previous month. The subindex rose to 109.1 from 107.5 in September, driven by a stronger assessment of income and job availability.
