Jakarta (Indonesia Window) – A Consumer Survey by Indonesia’s central bank, Bank Indonesia (BI) has indicated that consumer optimism about economic conditions was maintained in March 2022.

"This is reflected in the March 2022 Consumer Confidence Index of 111.0 or remains in the optimistic area," Executive Director of BI’s Communications Department Erwin Haryono said in an official statement received here on Friday (Apr. 8).

The March consumer confidence index moderated slightly from 113.1 in February 2022 due to more limited expectations of future economic conditions, as indicated by the Consumer Expectation Index of 128.1, slightly slower than 130.8 in the previous month.

Likewise, the March 2022 Current Economic Condition Index was recorded at 93.9, slightly moderated from the previous month's 95.5.

"On a quarterly basis, the average current economic condition index in the first quarter of 2022 is still in the optimistic area with an index of 114.6, although it has decreased slightly compared to 116.7 in the fourth quarter of 2021," he noted.

In March 2022, the consumer confidence index was observed to have slowed in some groups of respondents, with the deepest one being respondents with expenditures above five million rupiahs (some 348 U.S. dollars per month), and in some age groups, the largest decline was in the 51-60 years old group.

Nevertheless, the consumer confidence was maintained in March 2022 because it was supported by strong expectations of future economic conditions, both expectations of income, job availability, and business activities.

Meanwhile, consumers perceive that the current economic condition has not met expectations. This is reflected in the March 2022 Current Economic Index of 93.9, slowing from 95.5 in the previous month.

The slowdown in the current economic index was caused by the moderating of all the indexes that make up the index, including the current income index, the employment availability index, and the durable goods purchase index.

Reporting by Indonesia Window