During and Post-Lockdown Momentum
Faltering Consumer Confidence
Indonesia’s consumer confidence index fell in May as more than 1.79 million people went into unemployment during the partial lockdown.
Slow but Steady Recovery
The 10 brands experienced a sharp decline in sell-out rates once partial lockdown restrictions began in April, falling from a strong 26% to just 5%.
Once the initial shock wore off, performance then gradually improved. Eid, one of the largest celebrations in Indonesia, served as a turning point for consumer recovery. Sell-out peaked and continued to rise steadily after the event. By the end of the partial lockdown in June, sell-out rates were twice compared to the initial performance.
After restrictions were eased, sell-out rates continued to rise steadily. In the week before the second lockdown was imposed, sell-out almost returned to its normal average at 21%.
Consumers’ initially reduced spending at the beginning of the lockdown but cautiously resumed after the highly anticipated Eid celebration, despite strict travel restrictions.