Potential Money Turnover During Eid Al-Fitr Reaches IDR 157.3 Trillion

Rupiah (Photo: Antara)

JAKARTA - The Indonesian Chamber of Commerce and Industry (Kadin) projects that the circulation of money at the moment of Ramadan and Eid al-Fitr in 2024 will reach a significant amount, reaching IDR 157.3 trillion and will be able to boost Indonesia's economic growth.

Deputy Chairperson of the Indonesian Chamber of Commerce and Industry for Regional Autonomy Development, Sarman Simanjorang, said that public interest in traveling back and forth during Eid this year jumped significantly from last year. This is an indicator that the financial condition of the community after Covid 19 has improved.

Sarman said the number of travelers in 2023 reached 123.8 million people, an increase of 14.2 percent from 2022, while in 2024 based on data from the Ministry of Transportation, the number of travelers is estimated at 193.6 million people or 71.7 percent of the total population of Indonesia.

"The increase in the number of travelers will increase the increase in the circulation of money, which is very large throughout the country, especially for homecoming destinations and tourist destinations," he said in an official statement, quoted on Friday, March 29.

Sarman assumes, with the number of travelers reaching 193.6 million people, if the average number per family is four people, then the number of travelers is equivalent to 48.4 million families. According to him, each family is assumed to bring an average of IDR 3,250,000. then the circulation of money during Ramadan and Eid al-Fitr 1445 H this year is estimated at IDR 157.3 trillion.

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

Sarman said the circulation of money would spread in various business sectors such as retail, fashion, food and beverages, fuel, transportation and the tourism sector.