Consumer Confidence Index Remains Strong in November

Indonesia's Traditional Market

Consumer confidence in the Indonesian economy is still maintained. This is evident from the Consumer Confidence Index (IKK) in November 2022 which remains in the optimistic area.

The Bank Indonesia Consumer Survey for November 2022 indicated that the November 2022 Consumer Confidence Index (IKK) would remain strong at 119.1.

The index also remains in the optimistic area (> 100). This figure was observed to be slightly lower than the previous month, which was 120.3.

Head of the BI Communications Department Erwin Haryono said that the maintained consumer optimism in November 2022 was supported by the continued strength of the Consumer Expectations Index (IEK) and the Current Economic Condition Index (IKE).

“Consumers’ expectations going forward remain strong, supported mainly by income expectations and job availability,” he emphasized, Thursday (8/12/2022).

Furthermore, IKE is recorded as still in the optimistic area although slightly declining, in line with the decline in the current income index, job availability, and purchases of durable goods.

The Consumer Expectations Index (IEK) and Current Economic Conditions Index (IKE) for November 2022 were still optimistic at 127.9 and 110.3 respectively, although lower than 128.3 and 112.3 in the previous month

In November 2022, consumer confidence (IKK) is still maintained, especially as indicated by respondents with an expenditure level of Rp. 5 million.

Based on age, the strong November 2022 KPI was supported mainly by respondents aged 20-30 years (Graph 3). Spatially, the CPI recorded a decline in some of the cities surveyed, the deepest in Banjarmasin (-8.8 points), followed by Surabaya (-7.1 points) and Manado (-6.8 points).

Meanwhile, several cities still recorded increases in IKK, the highest being Makassar (14.1 points), followed by Padang (5.6 points) and Bandar Lampung (5.3 points).