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View all search resultsRetailers upbeat sale season will drive consumer spending
Hopes are high the annual Indonesian Discount Shopping Days (HBDI) will give a much needed boost to household spending, which has been well down amid the COVID-19 pandemic.
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H
opes are high the annual Indonesian Discount Shopping Days (HBDI) will give a much needed boost to household spending, which has been well down amid the COVID-19 pandemic, providing retailers with an opportunity to sell their excess stock at below-market prices, officials have said.
HBDI committee chairperson and president director of state-owned retailer Sarinah, Fetty Kwartawati, told The Jakarta Post Friday that a sales target had not been set for this year’s event, but that it was more focused on simply reviving consumer spending.
“While we can’t predict exactly what the sales will be like because of the pandemic, we are certain this event will jump start retail activities,” she said during an online press conference.
The committee set a sales target of Rp 24 trillion (US$1.6 billion) during last year’s HBDI event, a 20 percent increase from the first HBDI target in 2017, according to Kompas.
This year’s HBDI will offer special prices for consumers, with discounts reaching up to 75 percent from Aug. 14 to 30 both in-store and on online marketplaces.
Indonesia’s gross domestic product (GDP), the broadest measure of the production of goods and services, was down 5.32 percent year-on-year (yoy) in the second quarter, the steepest decline since the first quarter of 1999, Statistics Indonesia (BPS) announced Wednesday.
Household spending, which accounts for more than half of GDP, fell 5.51 percent yoy in the second quarter. Apparel consumption, included under the household spending category, also fell 5.13 percent yoy during the period.
