Jakarta: The latest Retail Sales Survey performed by Bank Indonesia (BI) indicated improving retail sales performance in July 2021.
Similarly, retailers also expected sales to continue to increase in August 2021, as reflected in the Real Sales Index (RSI) to a level of 196.5 or by monthly growth 4.3% (mtm).
Survey respondents confirmed the recent gains were driven by nearly all commodity groups, particularly Spare Parts and Accessories, Other Household Equipment and Automotive Fuel, in response to greater mobility as covid-19 restrictions were relaxed by the Indonesian government, coupled with growing domestic demand.
"With a reading of 188.5, the Real Sales Index (RSI) experienced a shallower 5.0% (mtm) contraction in July 2021 compared with -12.8% (mtm) one month earlier, led by Food, Beverages and Tobacco," said BI Communication Department Head Erwin Haryono in a press release on Thursday.
Respondents disclosed that demand for Food, Beverages and Tobacco appears resilient given the various strategies employed to increase online trade amid mobility restrictions.
Annually, respondents predicted a shallower contractionary retail sales phase in August 2021 (-0.1% yoy), supported by broad-based improvements across nearly all commodity groups, particularly Automotive Fuel as well as Food, Beverages and Tobacco that are in positive territory.
Meanwhile, annual retail sales in July 2021 slumped into a 2.9% (yoy) contraction after expanding 2.5% (yoy) in the previous period, with Information and Communication Equipment, Other Household Equipment as well as Cultural and Recreational Goods as the main drag on growth.
In terms of prices, retailers predicted a build-up of inflationary pressures in October 2021 and January 2022. The Price Expectations Index (PEI) for October 2021 increased to a level of 123.0, while the PEI for January 2022 increased to 134.2 from 129.3. Respondent stated that higher prices are because of raw materials.
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