Indonesian Consumer Confidence Strengthens in Late 2024

According to a Bank Indonesia (BI) survey, consumer confidence in economic conditions strengthened at the end of 2024.

This is reflected in the Consumer Confidence Index (CCI) for December 2024, which reached 127.7. The index rose, continuing the strengthening trend since November 2024 and reaching its highest level since April 2024.

This figure also improved compared to the December 2023 CCI, which stood at 123.8.

"The increase in consumer confidence at the end of last year was supported by the Current Economic Conditions Index (CECI), which also rose from 113.5 to 116.0, and the Consumer Expectations Index (CEI), which rose from 138.3 to 139.5," according to the BI consumer survey report.

Consumer confidence in December 2024 increased across all respondent spending categories. The highest increase occurred in the Rp4.1 million-Rp5 million spending group. Optimism was also seen across all respondent age groups.

In December 2024, consumer perception of current economic conditions strengthened, supported by the Current Income Index component, which rose from 121.9 to 123.9. The Job Availability Index rose from 110.1 to 112.2, and the Durable Goods Purchase Index rose from 108.4 to 111.8.

Furthermore, consumer expectations regarding economic conditions in the next six months also strengthened, supported by the strengthening of the Expected Income Index component, which rose from 141.7 to 143.3. The Expected Job Availability Index rose from 136.8 to 137.6, and the Expected Business Activity Index rose from 136.2 to 137.4.

Of the 18 cities surveyed by BI, the CCI in December 2024 increased month-on-month in 13 cities, while it decreased in 5 cities, with the following details:

1. Jakarta: increased from 139.71 to 144.24
2. Bandung: decreased from 113.00 to 109.22
3. Semarang: increased from 134.33 to 139.67
4. Surabaya: increased from 130.77 to 134.00
5. Medan: decreased from 106.30 to 105.87
6. Palembang: increased from 122.44 to 126.78
7. Banjarmasin: increased from 114.51 to 117.08
8. Bandar Lampung: increased from 133.75 to 144.75
9. Makassar: increased from 127.08 to 128.00
10. Samarinda: increased from 150.75 to 152.50
11. Denpasar: decreased from 143.08 to 139.50
12. Padang: decreased from 119.25 to 111.92
13. Pontianak: increased from 120.17 to 125.08
14. Manado: increased from 137.00 to 138.00
15. Mataram: decreased from 134.92 to 134.42
16. Pangkal Pinang: increased from 121.17 to 122.58
17. Ambon: increased from 119.25 to 120.75
18. Banten: increased from 117.00 to 123.58