Consumer Confidence Index Increases Against Indonesia's Economy

JAKARTA - Bank Indonesia (BI) revealed that the consumer confidence index has increased in the Ramadan period or March 2024, when compared to the previous month.

Based on the results of a survey by Bank Indonesia (BI) consumers, it shows that the Consumer Confidence Index (IKK) in March 2024 is 123.8, higher than in February 2024 which reached 123.1.

BI Assistant Governor Erwin Haryono said that the increase in consumer confidence in March 2024 was driven by the Strong Economic Condition Index (IKE) and the Consumer Expectation Index (IEK) which remained optimistic.

IKE recorded an increase in all components of its formation, especially the Current Income Index.

"Meanwhile, IEK remains strong, especially supported by the Income Expectation Index," Erwin said in a written statement, Tuesday, April 16.

The strengthening of consumer confidence in March 2024 was driven by consumer confidence both in the current economic conditions and expectations for the future which remain optimistic.

The Current Economic Condition Index (IKE) and the March 2024 Consumer Expectation Index (IEK) were recorded at 113.8 and 133.8, respectively.

In March 2024, consumer confidence was observed to be optimistic in all expenditure categories. The highest increase in optimism was recorded in respondents with an expenditure of IDR 4.1-5 million. Based on age, consumer confidence in March 2024 was also observed to be optimistic, especially in the 20-40 year age group.

Spatially, IKK increased in some of the cities surveyed, the largest in Bandung City (6.0 points), followed by Mataram (5.0 points) and Surabaya (2.6 points). Meanwhile, some other cities recorded a decline in IKK, especially in Padang City (16.4 points), followed by Manado (8.3 points) and Ambon (7.1 points).