Indonesian Consumers Remained Upbeat in March 2022: BI

Wahyu Dwi Anggoro - 08 April 2022 12:03 WIB
Indonesian Consumers Remained Upbeat in March 2022: BI
Consumer optimism remained intact in March 2022. (Photo:
Jakarta: The latest Consumer Survey conducted by Bank Indonesia (BI) shows consumers remained upbeat in March 2022, with the Consumer Confidence Index (CCI) staying in optimistic territory (>100) at a level of 111.0.

On a quarterly basis, the CCI remains solid at 114.6 in the first quarter of 2022 despite retreating slightly from 116.7 in the fourth quarter of 2021.
"Consumer optimism remained intact in March 2022 on the back of strong expectations of future economic conditions related to income, job availability and business activity," BI Communication Department Head Erwin Haryono said in a media release on Friday.

"Meanwhile, consumer perception of current economic conditions was not in line with expectation, specifically related to current job availability and conditions for the purchase of durable goods," he added.

Indonesia’s economy is expected to grow by 5.0% in 2022 and 5.2% in 2023 as domestic demand continues to recover, according to a report by the Asian Development Bank (ADB) released on Wednesday.

The Asian Development Outlook (ADO) 2022 says Indonesia’s consumer spending and manufacturing activity have been consistently rising due to the pickup in incomes, jobs, and confidence. Investment is benefiting from expanding demand, improvements in the investment and business climate, and a recovery in credit.
Inflation, which averaged 1.6% last year, is forecast to rise to 3.6% in 2022, due to faster economic growth and higher commodity prices, but it will still be within the central bank’s target range. 


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