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Millennials’ lifestyle splurge can fuel Indonesia’s economy: Study
A recent study by private lender United Overseas Bank (UOB) Indonesia found that millennials, aged 21 to 39 years, spend 50 percent of their income on consumption, which includes travel, digital entertainment, food and beverages and skin care
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One of the ways to see coffee as part of Indonesians' lifestyle is from the coffee shops, which have significantly grown in numbers across the country. (Shutterstock.com/Sorbis/-)
T
he millennial generation is characterized by many things, including the tendency to splurge on lifestyle purchases, from skincare and eating out to wellness classes and traveling.
The good news is that their consumptive behavior may give Indonesia’s sluggish economy the boost it needs, with a study finding that young Indonesian adults are experiencing a significant rise in spending power.
A good example of this demography is Callista Amadira, a 23-year-old private company employee in Jakarta who still lives with her parents and spends more than half of her monthly income on daily activities, skincare treatments and entertainment.
“I save about 20 percent of my income for future needs, but the rest I use to pay for my activities, such as eating out and transportation, buying skincare products and paying for a wellness class and Netflix,” she said.
Adhinugraha Putra, a 24-year-old IT analyst in Jakarta, also spends half of his income on social activities and entertainment, for eating out with friends and to purchase gaming apps.
“I often go out with my friends, I admit that I am a bit extravagant but once I get a pay raise, then my income will be enough for me to save more money.”
A recent study by private lender United Overseas Bank (UOB) Indonesia found that millennials aged 21 to 39 years spend 50 percent of their income on consumption, which includes travel, digital entertainment, food and beverages and skincare.
