Wednesday, 17 April 2024 11:34

Consumer Optimism towards Indonesian Economy Strengthens

Consumer Confidence Survey by Bank Indonesia in March 2024 indicates an increase in consumer confidence towards the economic conditions compared to the previous month. This is reflected in the Consumer Confidence Index (CCI) for March 2024 at 123.8, higher than the 123.1 recorded in the previous month. Erwin Haryono, Head of the Communication Department and Assistant Governor of BI, stated that the increase in consumer confidence in March 2024 was driven by the strengthening Economic Conditions Index (ECI) and the Consumer Expectations Index (CEI) remaining optimistic. "ECI has increased across all its components, especially the Current Income Index. Meanwhile, CEI remains strong, mainly supported by the Income Expectations Index," he said in an official statement quoted on Tuesday (16/4/2024).

He added that in March 2024, consumer confidence was observed to be optimistic across all expenditure categories. The highest increase in optimism was recorded among respondents with expenditures ranging from IDR 4.1 to 5 million. Based on age, consumer confidence in March 2024 also appeared optimistic, particularly among the 20-40 age group. Furthermore, respondents' perception of the current job availability also showed signs of improvement. The highest index was recorded among respondents with bachelor's degrees. Across age groups, all age groups were in the optimistic zone. In March 2024, the average proportion of consumer income for consumption (average propensity to consume ratio) increased compared to the previous month, from 73.0% to 73.6%. Meanwhile, the proportion of installment payments or debt (debt to income ratio) decreased to 9.4%, and the proportion of consumer income saved (saving to income ratio) slightly increased compared to the previous month, reaching 17.0%.




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