Indonesian Consumer Confidence Surges in May 2023

The latest Consumer Survey, conducted by Bank Indonesia (BI) in May 2023, indicated growing consumer optimism in economic conditions.

IDXChannel - The latest Consumer Survey, conducted by Bank Indonesia (BI) in May 2023, indicated growing consumer optimism in economic conditions compared with one month earlier.

It was reflected by an uptick in the Consumer Confidence Index (CCI) to 128.3 from 126.1 recorded in April 2023.

According to BI Communication Department Executive Director Erwin Haryono, stronger consumer confidence in May 2023 was driven by respective increases in the Current Economic Condition Index (CECI) and Consumer Expectation Index (CEI).  

"The CECI experienced broad growth across all components, particularly the Job Availability Index and Purchase of Durable Goods Index," he said in a media release on Monday (12/6/2023). 

"CECI stood at 118.9 in May 2023, rising from 116.6 in April 2023," he stated.

Meanwhile, the CEI gains were primarily attributable to the Business Activity Expectation Index. 

"May 2023 CEI stood at 137.8, rising from 135.5 in April 2023," he added. (WHY)