Indonesian Consumers Pessimistic about Jobs and Purchases in March 2022

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Vika Azkiya Dihni 11/04/2022 11:40 WIB

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Consumer perception of Indonesia's economic conditions declined in March 2022. This is evident from the Economic Condition Index (ECI) of 93.9, slowing from 95.5 in February 2022.

Indonesia's Economic Condition Index (ECI) (January-March 2022)

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Indonesian Consumers Pessimistic about Jobs and Purchases in March 2022

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Indonesia's Economic Condition Index (ECI) (January-March 2022)

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According to a Bank Indonesia (BI) survey, Indonesian consumer perception of the country's economic conditions has weakened. This is evident from the Economic Conditions Index (IKE) which stood at 93.9 in March 2022, down from 95.5 in February 2022.

The Economic Conditions Index (IKE) is the average of consumer perception indices regarding current income compared to six months ago, current timeliness for purchasing durable goods, and current job availability compared to six months ago.

BI noted that the decline in the March 2022 IKE was due to a weakening in all of its constituent indices.

The sharpest decline occurred in the job availability index, which fell 2.2 points month-to-month to 87.7 in March 2022. This figure is in the pessimistic zone because its level is below 100 points.

The decline in the job availability index occurred across all education groups, with the largest decline among respondents with postgraduate education.

Furthermore, the durable goods purchase index in March 2022 also fell from the previous month and remained in the pessimistic zone below 100 points, as shown in the graph.

The decline in the durable goods purchase index occurred across several respondent spending levels, particularly among respondents with monthly expenditures of Rp3.1 million to Rp4 million.

Meanwhile, the current income index fell 0.8 points to 101.7 in March 2022, but remained in the optimistic zone with an index above 100. This index slowdown occurred mainly among respondents with monthly expenditures of Rp3.1 million to Rp4 million.

BI also noted that the IKE was observed to have declined in the 12 surveyed cities, with the deepest decline occurring in Banten (-34.0 points), followed by Pontianak (-16.8 points), and Medan (-9.9 points).

(Also Read: SMRC Survey: 35.6% of the Public Assess Indonesia's Economic Conditions as Better)

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."