With the Threat of Recession, Many Consumers Intend to Save

Economics & Macro

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Cindy Mutia Annur 10/01/2023 19:40 WIB

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According to a Jakpat and Continuum survey, most Indonesian consumers intend to save money to prepare for the threat of a recession.

Changes in Consumer Behavior Amidst Recessionary Threats (November 2022)

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Changes in Consumer Behavior Amidst Recessionary Threats (November 2022)

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Since 2022, the threat of a recession has been widely discussed in many countries, including Indonesia. In response, many people seem intent on changing their consumption habits.

According to a report by Jakpat (Jakpat Public Opinion Poll) and Continuum, from over a thousand Indonesians surveyed, the majority, or 51.2%, plan to save money to cope with the threat of a recession.

"This is quite natural, as people generally think that when the economy falters, they should save emergency funds, as their income may be disrupted or they may even face layoffs," said Jakpat in its report.

Then, 22.9% of respondents intend to save assets. "Such as gold, houses, land, and others that can be saved to mitigate the impact of a recession, because the value of these commodities tends to be more stable than other commodities," said JakPat.

However, 18.8% of respondents intend to continue shopping despite the threat of a recession. Meanwhile, 6.4% of respondents said they would save money, and 0.3% of respondents said they would not borrow money.

"There is a response that encourages continued shopping. The encouragement to shop is done to keep the economy running normally. If people continue to spend, there will be no disruption that worsens the existing situation," said Jakpat.

"Economists and research institutions advise people not to panic and to continue spending/shopping normally. Our research team also advises the same thing, because by continuing to circulate money and goods and remaining productive, the possibility of a recession can be minimized," it continued.

This online survey was conducted among 1,434 respondents across Indonesia on November 25-26, 2022. The survey has a margin of error of 3%.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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With the Threat of Recession, Many Consumers Intend to Save

With the Threat of Recession, Many Consumers Intend to Save

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With the Threat of Recession, Many Consumers Intend to Save

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