The Consumer Survey by Bank Indonesia in November 2023, published on www.bi.go.id indicates that consumer confidence in the economic conditions remains strong. This is reflected in the Consumer Confidence Index (CCI) for November 2023, in the optimistic zone (>100) at a level of 123.6. Since January 2023, the Consumer Confidence Index has been in the range between 123 and 128, representing an optimistic zone.
This development is significantly better compared to the Consumer Confidence Index, which ranged between 77 and 97 during the peak of the COVID-19 pandemic from April 2020 to March 2021. The 2023 index shows a difference of 30-50 points compared to the 2020-2021 period.
The sustained optimism in the Consumer Confidence Index is driven by the Income Index and Employment Availability Index. The Employment Availability Index in November 2023 is highest among the younger age group, between 20 and 30 years, with an index value of 120 points. Meanwhile, the index for the age group of 31 to 50 years ranges between 109 and 113 points, and the lowest Employment Availability Index is found in the age group above 60 years at 106.8 points.
However, the highest Employment Availability Index in November is held by the Postgraduate group at 137.9 points, with the second position taken by the Bachelor's degree holders at 132 points. Conversely, in the Income Index, the top position is occupied by the Bachelor's degree holders at 139.4 points, with the second position held by the Postgraduate group at 135.8 points. The lowest ranks for both Employment Availability and Income Index are held by high school graduates at 105.6 and 108.7 points, respectively.
The highest Employment Availability and Income Index in November 2023 are observed in the group with monthly expenditures above 5 million rupiahs, at 123.4 points and 126.6 points, respectively. Meanwhile, the lowest indices for Employment Availability and Income are found in the group with expenditures between 1 and 2 million rupiahs per month, at 98.9 points and 98.5 points, respectively. This indicates a significant difference of 24.5 points in the Employment Availability Index and 28.1 points in the Income Index between these two groups.
In November 2023, the average consumption pattern is 75.3% of expenditures, with savings at 15.4%, and the remainder, 9.3%, allocated to loan installments. The percentage of consumption expenditures between 73% and 75% has been consistent throughout the years 2021-2023. The variation occurred in August-December 2020 when consumption accounted for only 67% to 69% of total expenditures, with savings occupying 19-20% of total expenditures.
Through this monthly consumer survey report, business owners can compare their revenue with the analysis provided by BI.