Positive Signal! Fast Consumer Optimism Ahead Of Eid

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA Bank Indonesia (BI) reported that the latest consumer survey in March 2023 indicated that consumer confidence in economic conditions had increased compared to the previous month.

Head of the BI Communication Department Erwin Haryono said this was reflected in the March 2023 Consumer Confidence Index (IKK) of 123.3, higher than 122.4 in February 2023.

"The increase in optimism was mainly recorded in respondents with spending more than Rp. 5 million," he said in a written statement on Tuesday, April 11.

According to Erwin, quarterly, IKK in the first quarter of 2023 is in an optimistic area at the level of 122.9, higher than 119.7 in the fourth quarter of 2022.

"Consumer confidence is also observed to be optimistic in all age categories with the biggest increase in Banten (14.3 points), Mataram (9.1 points) and Surabaya (7.3 points)," he said.

Erwin explained that the strengthening of consumer confidence in March 2023 was driven by the increase in the Current Economic Condition Index (IKE) and the Consumer Expectation Index (IEK). He said, the increase in IKE mainly occurred in the current income index component.

"While the increase in IEK occurred in the business activity expectation index and the job availability expectation index," he concluded.