Bank Indonesia Reveals Consumer Confidence Rises In November 2024

JAKARTA - Bank Indonesia (BI) revealed that consumer confidence in the current economic condition has increased in November 2024. This is based on the results of a consumer survey (BI) which shows that the Consumer Confidence Index (IKK) in November 2024 was recorded at 125.9, higher than the index in the previous month of 121.1.

Meanwhile, the increasing consumer confidence in November 2024 comes from the strengthening of consumer confidence in current economic conditions and future economic conditions.

Based on the results of a survey by Bank Indonesia (BI), the Current Economic Condition Index (IKE) reached 113.5, higher than October 2024 which was 109.9. Meanwhile, the Consumer Expectation Index (IEK) in November 2024 was 138.3 or higher when compared to the previous month which reached 132.4.

Based on the expenditure category, consumer confidence in November 2024 was recorded to increase for all categories. The highest increase in IKK was recorded in respondents with expenditures of more than IDR 5 million. In addition, based on age, IKK also increased in all age groups.

Spatially, IKK increased in most cities surveyed, with the highest in Padang City 16.3 points followed by Palembang 11.5 points and Ambon 9.8 points.

The strengthening of IKE November 2024 is driven by the current income index, job availability indexes, and purchasing indexes for durable goods, each increasing from 117.9, 104.7, and 107.0 to 121.9, 110.1, and 108.4.

Meanwhile, spatially, most cities recorded an increase in IKE, the largest in Palembang City with 10.7 points, followed by Pontianak 9.3 points and Medan 8.7 points.

The optimism of respondents towards current income is indicated to remain strong in all expenditure and age groups. The highest index was recorded in respondents with expenses above IDR 5 million and the age group 20 30 years.

Furthermore, respondents' perceptions of the availability of employment opportunities are currently indicated to increase at all levels of education. Based on age group, index increases in all age groups, except for those over 60 years of age.

Then, consumer confidence in purchasing undurable goods was also observed to increase. In terms of expenditure, the index increased, especially in expenditure groups above Rp. 5 million, and only expenditures of Rp. 4.1 million Rp. 5 million decreased.

Then, based on the age group, the highest index was recorded in the age group of 20-30 years. Meanwhile, at the age of 31-40 years and 41-50 years, it was recorded that it had decreased.