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Consumer Confidence
Consumer Confidence September 2018
September 03, 2018 09:16

Consumer Confidence weakened in August 2018. In this month, the Consumer Confidence Index (CCI) retreated by 4.1 percent from 101.6 to 97.5, after increasing by 4.7 percent in the previous survey. Our latest survey reveals that consumers gave more negative assessments on current economic conditions and the state of the job market. In particular, consumer concerns on high foodstuff prices and job scarcity increased in the August survey. In addition, our survey also shows that consumers are less upbeat on the nation’s economic outlook.

The two main components which make up the CCI declined in August: the component measuring consumer sentiment toward current conditions, the Present Situations Index (PSI), retreated 5.5 percent to 81.0, as sentiment toward the current state of the economy and the job market deteriorated. The other main
component of the CCI - the one measuring consumer sentiment toward the future (the Expectations Index or EI) – also decreased, falling by 3.3 percent to 109.9. The fall in this index reflects weaker consumer optimism toward the economy and the job market outlook over the next six months.

With consumers being less upbeat on the national economic outlook, buying intentions for durable goods declined in August. In our survey, 41.13 percent of consumers expressed plans to purchase a durable good over the next six months, or down from 41.36 percent in the previous month. Furthermore, on a yearly comparison, buying intentions for durable goods are also lower since 42.34 percent of consumers expressed plans to purchase a durable good back in August 2017.

Consumer confidence in the government’s ability to carry out its duties weakened in the August survey. After increasing 2.9% in the previous survey, the Consumer Confidence in the Government Index (CCGI) declined 3.3% to 105.1 in August. All components of the CCGI declined in our latest survey. Nevertheless, four CCGI components are still above the neutral level of 100, thereby indicating that consumers are generally convinced in the government’s ability to carry out its duties.