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Consumer Confidence Pointing To Solid Q3 Spending

INDONESIA

July consumer confidence eased for the second consecutive month falling 2.8% m/m to 123.5. Although it is 3.7% off the May high, it remains elevated and continues to signal that retail sales should pick up. June sales are released on August 16 by BI. They were down 4.5% y/y in May. Q2 private consumption rose 5.2% y/y and even if consumer confidence deteriorates moderately over the rest of Q3, consumption growth should remain solid this quarter (see chart).


Indonesia consumption outlook

Source: MNI - Market News/Refinitiv

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