Kadin Projects Money Turnover During Ramadan And Eid 2024 Reaches IDR 157.3 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) projects that the circulation of money will reach IDR 157.3 trillion during the momentum of Ramadan and Eid al-Fitr 1445 Hijri.

It is known, the number of travelers in 2023 reached 123.8 million people, an increase of 14.2 percent from last year.

Meanwhile, based on data from the Ministry of Transportation (Kemenhub), the number of travelers this year rose 71.7 percent, which was 193.6 million people.

The increase in the number of travelers will increase the increase in the circulation of money in all corners of the country, especially homecoming destinations and tourist destinations.

Deputy Chairperson of the Indonesian Chamber of Commerce and Industry for Regional Autonomy Development Sarman Simanjorang said, with the number of travelers reaching 193.6 million people.

Then, if the number per family is increased by 4 people, he estimates that the number of travelers is equivalent to 48.4 million families.

"With the assumption that each family brings an average of Rp. 3,250,000, the circulation of money during Ramadan and Eid al-Fitr 1445 Hijri this year is estimated at 157.3 trillion," said Sarman in a written statement received by VOI, Thursday, March 28.

"This number still has the potential to increase, because we multiply the minimum or moderate number," he continued.

Sarman assessed that the circulation of money during the momentum of Ramadan and Eid al-Fitr 1445 was very significant to boost national economic growth in the first quarter of 2024, which would be the initial capital to achieve this year's economic growth target of 5 percent.

"With this large enough turnover, it is certain that the regional economy will be productive in encouraging increased household consumption," he said.

The various sectors that will enjoy the circulation of money during the momentum of Ramadan and Eid Al-Fitr 2024, include the retail, fashion, food and beverages, fuel, land transportation, sea transportation and air transportation sectors.

Then, there is the tourism sector which includes hotels, promise, villas, restaurants, cafes, minimarkets, various stalls/stores, tourist destinations/entertainment parks, regional special food SMEs, souvenirs, batik, regional special fabrics and various other superior products.

This means that the public's interest in traveling back and forth on this year's Eid Al-Fitr holiday has increased significantly compared to last year. This is an indicator that the post-COVID-19 community's financial condition has improved.

"Business actors in homecoming destinations must be able to create memorable and pleasant services, so that travelers do not hesitate to spend their money during holidays," he added.