Society Tightens its Belt in the Face of Crisis
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The Covid-19 pandemic impacted the economy, causing people to tighten their belts and become wary due to economic uncertainty. This condition is reflected in the Indonesian Consumer Survey conducted by McKinsey & Company.
The majority of respondents decided to be more cautious in spending their money. As many as 83% of respondents agreed and strongly agreed to take such action. In addition, 65% of respondents also chose to cut or reduce their spending. Furthermore, economic uncertainty hindered 62% of respondents from transacting and investing.
Several other impacts have also begun to be felt, ranging from affected income, worrying about potential job losses, to decreased work performance.
"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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