Indonesia retail sales soar
Indonesia retail sales soared again in March – setting a new post-October high for the second month in a row.
According to Bank of Indonesia data, March retail spending was 19.3 per cent ahead of the same month last year, boosted by sales of smartphones and IT, food, beverages and tobacco.
February’s retail sales rose 16 per cent – a revised figure from the 16.5 per cent announced last month, which was still the hghest growth rate since October 2014.
That followed increases of 10.9 per cent in January and a meagre 3.3 per cent in December.
The 650 retailers in 10 major Indonesian cities who contribute data to the bank predict another big rise in April, again due to IT equipment and phones.
But the looming rainy season may temper retail demand beyond that and retailers expect price pressures in the leadup to the Muslim fasting month and Eid-al Fitr.