According to a Consumer Survey conducted by Bank Indonesia in February 2023, consumer confidence in the country’s economic conditions remained strong.
The survey showed that the Consumer Confidence Index (CCI) in February 2023 remained in the optimistic zone (>100) at a level of 122.4, which indicates that consumers are still positive about the economic outlook of the country.
Although the CCI has decreased slightly compared to the previous month’s figure of 123.0, it is still higher than the figure of 113.1 recorded in February 2022.
The report states that “the maintenance of consumer optimism in February 2023 was driven by the increase in the Current Economic Conditions Index (CECI), especially in the components of the Employment Availability Index and the Current Income Index.”
The CECI in February 2023 was recorded at 112.4, slightly higher than the figure of 112.1 recorded in the previous month. Meanwhile, consumers’ expectations for the future economic outlook of the country also remain in the optimistic zone, with a figure of 132.5.
In February 2023, consumer confidence was observed to remain optimistic across all expenditure categories, although not as high as the previous month, especially among respondents with expenditures of IDR 1-2 million. The strong CCI in February 2023 was mainly supported by respondents aged 20-40 years.
The survey also shows that several cities recorded an increase in CCI, with the highest increase in Makassar (6.3 points), followed by Medan (5.6 points), and DKI Jakarta (4.4 points). On the other hand, some surveyed cities recorded a decrease in CCI, with the deepest decline in Mataram (-11.7 points), followed by Surabaya (-9.2 points) and Pontianak (-8.6 points).
Regarding the current economic conditions, consumers’ perception of the country’s economic conditions was observed to increase in February 2023 compared to the previous month.
This is reflected in the February 2023 Current Economic Index (CEI) figure of 112.4, which is slightly higher than the figure of 112.1 recorded in January 2023.
The strengthening of the CEI in February 2023 was driven by the increase in the Employment Availability Index and the Current Income Index, which recorded figures of 113.8 and 118.5, respectively, which are higher than the figures of 112.1 and 117.7 recorded in the previous month.
However, the Durable Goods Purchasing Index indicated a decrease of -1.8 points to 104.7.
The survey also found that respondents’ optimism about the availability of job opportunities increased in February 2023 compared to the previous month. The index increased in almost all education categories, with the highest increase among respondents with a Bachelor’s degree.
By age, the increase in the index occurred in most respondent groups, with the highest increase among those aged 41-50 years.
Overall, the survey results indicate that consumer confidence in the economic conditions of Indonesia remains strong, with consumers’ positive outlook on the current and future economic conditions of the country.
However, the survey also shows that there are variations in consumer confidence levels across different cities and age groups.
