Indonesian Consumer Optimism Strengthens in Late 2022

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Cindy Mutia Annur 10/01/2023 13:40 WIB

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BI reported that the Consumer Confidence Index strengthened in December 2022. The highest increase in optimism was observed among respondents with monthly expenditures exceeding Rp5 million.

Indonesia Consumer Confidence Index (January 2019 - December 2022)

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Indonesian Consumer Optimism Strengthens in Late 2022

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Indonesia Consumer Confidence Index (January 2019 - December 2022)

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Bank Indonesia (BI)'s survey shows that the Consumer Confidence Index (CCI) reached 119.9 points in December 2022. This figure is up 0.8 points compared to the previous month's 119.1 points.

"The strengthening of consumer confidence in December 2022 was driven by the Current Economic Conditions Index (CECI), which increased across all its components, particularly the current income index," said Erwin Haryono, Executive Director and Head of BI's Communication Department, in his report on Monday (9/1/2023).

According to BI, increased optimism was experienced by respondents from almost all expenditure categories. The highest increase in optimism occurred among respondents with expenditures exceeding Rp5 million per month, and the highest CCI was from the respondent group aged 31-40 years.

The CCI also increased in most of the surveyed cities, with the largest increases in Medan (13.6 points), Mataram (11.9 points), and Banjarmasin (11 points).

The BI survey found that consumer optimism towards economic conditions at the end of 2022 increased, as seen in the Current Economic Conditions Index (CECI), which rose by 2.1 points to 112.4 points in December 2022.

This increase in CECI was driven by an increase in the index across all components, including optimism regarding income, job availability, and purchasing.

However, consumer optimism towards economic conditions in the next six months weakened. The Consumer Expectation Index (CEI) in December 2022 stood at 127.3 points, down 0.6 points compared to November 2022.

Consumer optimism regarding job availability and business activity in the next six months also decreased, but remained in the optimistic zone, above 100 points. Meanwhile, optimism regarding income in the next six months continued to increase.

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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Indonesian Consumer Optimism Strengthens in Late 2022

Indonesian Consumer Optimism Strengthens in Late 2022

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