The Ramadan festivities failed to boost spending among Indonesians last month as consumer confidence continued to weaken, according to a recent survey by the central bank.
The consumer confidence index of Bank Indonesia dropped 1.4 basis point to 109.9 in July compared to the month before, extending the downward trend it saw in June. The report surveyed approximately 4,600 random households in 18 cities, including Jakarta; Bandung, West Java; and Semarang, Central Java.
The Islamic fasting month and the culminating Idul Fitri celebrations typically spur a spike in consumer spending as Muslim Indonesians spend their holiday bonuses, known as tunjungan hari raya, or THR, on items ranging from new outfits to foodstuffs to whip up an Eid feast.
(Source: Jakarta Globe )