BI Values Consumer Perceptions In Economic Conditions Stay Strong In February 2024

JAKARTA - Bank Indonesia (BI) noted that the February 2024 Consumer Survey indicated that consumer optimism for economic conditions remained strong. This is reflected in the February 2024 Consumer Confidence Index (IKK) which is in the optimistic zone of more than 123.1.

Assistant Governor of the Communications Department Erwin Haryono said that the strong consumer confidence in February 2024 was driven by consumer confidence in current economic conditions and expectations of the future economy which remained optimistic.

Meanwhile, the Current Economic Condition Index (IKE) and the Consumer Expectation Index (IEK) in February 2024 were recorded at 110.9 and 135.3, respectively.

"The maintenance of IKE in February 2024 is supported by optimism for all components of its formation, where the highest is the current Income Index which reaches 112.1," he explained in his official statement, Wednesday, March 13, 2024.

Meanwhile, the Old-Resilient Goods Purchase Index (Durable Goods) and the Employment Availability Index are also maintained in optimistic areas, respectively at 110.6 and 110.1.

Erwin explained that respondents' optimism for current income was closely observed in all expenditure groups. The increase occurred in respondents with an expenditure of Rp. 1 million Rp. 2 million. Based on age group, the highest index occurred in the age range of 20 30 years.

Furthermore, consumer confidence in purchasing undurable goods is also observed to remain strong at all levels of expenditure, the highest index recorded in respondents with expenses of more than IDR 5 million. Based on age group, the increase in the Durable Goods Purchase Index mainly occurred in the 41-50 year age group.

Meanwhile, respondents' perceptions of the current availability of employment opportunities are also indicated to be maintained. The highest index was recorded in respondents with an Academy education level. Based on age group, the highest optimism occurred in the 31-year age group 40 years old.

On the other hand, consumer expectations for the development of business activities in the future are observed to be in the optimistic zone at all levels of expenditure and age of respondents.

Furthermore, spatially, most cities recorded an increase in IKE, the largest in Pontianak City with 5.0 points, followed by Pangkal Pinang 4.0 points and Samarinda 2.5 points.

In addition, some other cities recorded a decrease in IKE, especially in the city of Surabaya with 20.5 points, followed by Medan 18.9 points and Banjarmasin 15.6 points.