Kadin Projects Money Turnover During Christmas And New Year Holidays Reaches IDR 80.2 Trillion

Deputy Chairperson of the Indonesian Chamber of Commerce and Industry for Regional Autonomy Development Sarman Simanjorang. (Photo: Doc. ANTARA)

JAKARTA - The Indonesian Chamber of Commerce and Industry (Kadin) said that the momentum of the 2023 Christmas and New Year 2024 holidays could increase Indonesia's economic growth by 5 percent in the fourth quarter of 2023.

So that Indonesia's economic growth can be stuck at 5 percent until the end of 2023.

It is known, the peak of the homecoming flow for the 2023 Christmas and New Year 2024 holidays is predicted to occur on 22-23 December 2023 and the peak of backflow is predicted to occur on 26-27 December 2023.

Meanwhile, the peak of the homecoming flow for the New Year holiday is predicted to occur on 29-30 December 2023 and the peak of backflow is predicted to occur on January 1-2, 2024.

Based on data from the Ministry of Transportation (Kemenhub), the number of people who will take the 2023 Christmas and 2024 New Year holidays is estimated to reach 107 million people or the equivalent of 26,750,000 families.

"If we assume that as in the Idul Fitri homecoming, it brings an average of 3 million per family, the potential for money circulation during the Christmas and New Year 2023 holidays is estimated at IDR 80.250 trillion," said Deputy Chairperson of the Indonesian Chamber of Commerce for Regional Autonomy Development Sarman Simanjorang in a written statement received by VOI, Monday, December 18.

"This amount has more potential, but we calculate the most moderate or at least we estimate the turnover to reach Rp80 trillion," he added.

Sarman assessed that the momentum of the Christmas and New Year holidays is an opportunity for people to celebrate Christmas with their families in their respective hometowns normally because there are no longer restrictions like the previous year.

He added, with such a large circulation of money, it is certainly very strategic to contribute to regional and national economic growth. In particular, for national economic growth in the fourth quarter, which is targeted to reach more than 5 percent.

The various sectors that will enjoy the circulation of money during the Christmas 2023 and New Year 2024 holidays include tourism, which includes hotels, fun, villas, apartments, restaurants, cafes, shopping centers, entertainment and tourist centers, regional culinary centers, souvenir centers and various MSME products, including stalls and mini markets.

This includes the transportation sector, such as flights, grabs, rentals/travels, buses and trains, as well as the logistics sector and shipping services.

This means that the public interest in the 2023 Christmas and 2024 New Year holidays, which reached 107 million people, has a positive impact on the growth of people's purchasing power/household consumption which will ultimately make a significant contribution to economic growth in the fourth quarter of 2023.

"So that the circulation of money during the Christmas 2023 and New Year 2024 holidays is maximized, where people do not hesitate and think much to spend their money, the relevant and regional ministries need to supervise so that entrepreneurs who manage various services do not increase tariffs and prices in a row," he said.