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Indonesian consumer confidence rises to 119.9 in October as households save more and spend less of income

Published Data as of IndonesiaMacro & households
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Key points

Implications for lenders

Confidence at 119.9 and a higher job availability index may lift loan applications, but the share of income going to instalments rose to 10.1%. Lenders may want to keep debt-service checks tight and watch whether households keep saving 16.4% of income rather than spending it.

Implications

ExecutivesBetter job sentiment supports loan demand, but households are choosing to save more of their income, so demand for discretionary credit may lag confidence.
InvestorsA rising instalment share alongside higher confidence is worth tracking monthly; a sustained move above recent levels would point to growing household leverage.
OperatorsWith a larger share of income going to instalments, repayment-capacity checks at origination matter more than headline sentiment.

Facts

Bank Indonesia (BI) said its Consumer Survey confidence index was 119.9 in October 2026, up from 118.1 in September 2026. 1 The current economic conditions index was 109.1, up from 107.5 in September 2026 2, and the expectations index was 130.7, up from 128.7 in September 2026. 3 Within current conditions, the job availability index was 105.5, up from 101.1 in September 2026. 4

The average share of income used for consumption was 73.6%, down from 74.9% in September 2026. 5 The share saved was 16.4%, up from 15.4% in September 2026 6, and the share used for loan instalments was 10.1%, up from 9.7% in September 2026. 7

Analysis

Time series: the index was 120.9 in May, fell to 116.8 in July, and was 118.5 in August and 118.1 in September before rising to 119.9 in October. It has stayed in optimistic territory throughout, but below the May level. The debt-instalment share of 10.1% is close to the 10.2% recorded in May.

Cross-country: Philippine consumers remain pessimistic, with the BSP's confidence index at −29.8% in Q3 (a different net-balance measure, so the levels are not directly comparable), while Indonesian sentiment improved in October. Indonesia's GDP grew 5.47% in Q3 against 2.1% in the Philippines.

Counterpoints and uncertainties

The survey covers urban households in selected cities and may not reflect rural or informal-sector borrowers, who use much small-ticket credit. One month's rise follows several months of softer readings and may reverse. The consumption, saving and instalment shares are averages and say nothing about how debt is spread across households.

Key figures

  1. Consumer confidence index (BI): 119.9 (up from 118.1 in September 2026). Bank Indonesia Consumer Survey confidence index; above 100 = optimistic. Indonesia, urban households in surveyed cities. Basis date: 31 Oct 2026. Source: Kumparan: BI survey — consumer confidence in the economy rises in October 2026 (2026-11-09)
  2. Current economic conditions index (BI): 109.1 (up from 107.5 in September 2026). BI Consumer Survey index of current economic conditions (IKE); above 100 = optimistic. Indonesia, urban households in surveyed cities. Basis date: 31 Oct 2026. Source: Kumparan: BI survey — consumer confidence in the economy rises in October 2026 (2026-11-09)
  3. Consumer expectations index (BI): 130.7 (up from 128.7 in September 2026). BI Consumer Survey index of expectations six months ahead (IEK); above 100 = optimistic. Indonesia, urban households in surveyed cities. Basis date: 31 Oct 2026. Source: Kumparan: BI survey — consumer confidence in the economy rises in October 2026 (2026-11-09)
  4. Current job availability index (BI): 105.5 (up from 101.1 in September 2026). BI Consumer Survey index of current job availability (IKLK); above 100 = optimistic. Indonesia, urban households in surveyed cities. Basis date: 31 Oct 2026. Source: Kumparan: BI survey — consumer confidence in the economy rises in October 2026 (2026-11-09)
  5. Share of income spent on consumption: 73.6% (down from 74.9% in September 2026). Average share of income used for consumption, BI Consumer Survey. Indonesia, urban households in surveyed cities. Basis date: 31 Oct 2026. Source: Infobanknews: Consumer confidence rises in October 2026, BI data (2026-11-09)
  6. Share of income saved: 16.4% (up from 15.4% in September 2026). Average share of income saved, BI Consumer Survey. Indonesia, urban households in surveyed cities. Basis date: 31 Oct 2026. Source: Infobanknews: Consumer confidence rises in October 2026, BI data (2026-11-09)
  7. Share of income used for loan instalments: 10.1% (up from 9.7% in September 2026). Average share of income used for loan instalments, BI Consumer Survey. Indonesia, urban households in surveyed cities. Basis date: 31 Oct 2026. Source: Infobanknews: Consumer confidence rises in October 2026, BI data (2026-11-09)

Sources

  1. Kumparan: BI survey — consumer confidence in the economy rises in October 2026 (2026-11-09)
  2. Infobanknews: Consumer confidence rises in October 2026, BI data (2026-11-09)
  3. JournalArta: BI Consumer Survey — IKK October 2026 rises to 119.9 (2026-11-09)
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A Japanese version of this article is available: 日本語版

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