Indonesia consumer confidence rises to 119.9 in October 2026

Key takeaways

• Bank Indonesia's Consumer Confidence Index (IKK) rose to 119.9 in October 2026 from 118.1 in September 2026, according to the central bank's consumer survey released at 10:00 WIB (03:00 UTC) on Nov 9, 2026.
• Both components improved: the Current Economic Condition Index (IKE) climbed to 109.1 from 107.5, and the Consumer Expectations Index (IEK) to 130.7 from 128.7.
• The current job availability sub-index posted the largest move, rising 4.4 points to 105.5, Kumparan and IDX Channel reported.
• Households set aside less of their income for consumption: the average consumption ratio fell to 73.6% from 74.9%, while the savings ratio rose to 16.4% from 15.4% and the debt-installment ratio to 10.1% from 9.7%, Investor Daily and Inilah reported.
• The survey follows Statistics Indonesia (BPS) data showing the economy grew 5.47% in the third quarter of 2026, with household consumption growing 5.04%.

Indonesian consumers grew more optimistic in October 2026: Bank Indonesia (BI) said in a news release published on Monday, Nov 9, 2026, that its consumer confidence index reached 119.9, up 1.8 points from September 2026.

Any reading above 100 marks optimism, BI noted, and both the current-conditions and expectations gauges rose. The same survey, however, showed households directing a smaller share of income to spending and a larger share to savings and loan repayments. For investors who follow Indonesia's consumer stocks on the Indonesia Stock Exchange (IDX), the two signals point in different directions, and the October 2026 data alone do not settle which one will dominate fourth-quarter spending.

Indonesia consumer confidence October 2026: the headline numbers

BI's monthly Consumer Survey asks households how they view the economy today and what they expect over the next six months. The headline Consumer Confidence Index (Indeks Keyakinan Konsumen, IKK) is built from two parts: the Current Economic Condition Index (IKE) and the Consumer Expectations Index (IEK). In release No. 28/245/DKom, BI said confidence in economic conditions rose compared with September 2026, supported by gains in both components.

Source: Bank Indonesia news release No. 28/245/DKom, published 10:00 WIB (03:00 UTC) on Nov 9, 2026. Changes calculated by Bullquill from the published index values.

Ramdan Denny Prakoso, head of Bank Indonesia's communication department, said the October 2026 index was higher than September's reading of 118.1, Kontan reported at 10:51 WIB (03:51 UTC) on Nov 9, 2026.

Sub-indices: jobs led the current-conditions gauge

The detail behind the two components shows where sentiment improved. Within the current-conditions index, the job availability sub-index rose the most, while the durable goods purchase sub-index was described as relatively stable. On the expectations side, every sub-index rose, with business activity expectations posting the biggest gain.

Sources: Kumparan and IDX Channel reports of Nov 9, 2026 on the Bank Indonesia survey; FX.co (Nov 9, 2026) reported the same October 2026 values and point changes for the expectations sub-indices.

The durable goods reading matters for retailers of electronics, vehicles and household appliances, because it measures whether households consider it a good time to buy big-ticket items. At 106.7 it remained above the 100 threshold in October 2026, but it did not share in the broader improvement, according to IDX Channel's report of the survey.

Who is most optimistic: income, age and city

Confidence rose in almost all expenditure groups in October 2026, Kontan and IDX Channel reported. The group spending more than Rp5 million a month recorded the highest index, at 123.0, although Kontan noted that this was slightly lower than its September 2026 reading of 123.5.

By age, respondents aged 20 to 30 were the most optimistic, with an index of 125.2 in October 2026. Kontan listed the other age groups as follows: 121 for ages 31 to 40, 117.7 for ages 41 to 50, 111.5 for ages 50 to 60, and 107.6 for respondents older than 60. Confidence therefore declined steadily with age in the October 2026 survey.

Geographically, Makassar, Bandung and Banten recorded the largest increases, Kontan and Kumparan reported, without giving figures for those cities.

Households spent a smaller share of income in October 2026

The less upbeat part of the survey concerns how households divide their income. The average propensity to consume, the share of income spent on consumption, fell by 1.3 percentage points in October 2026, while the shares going to savings and debt installments both rose.

Sources: Investor Daily (11:00 WIB / 04:00 UTC, Nov 9, 2026) and Inilah (12:49 WIB / 05:49 UTC, Nov 9, 2026), reporting Bank Indonesia's October 2026 Consumer Survey.

Investor Daily reported that the decline in the consumption share occurred across all expenditure groups, and that the savings share rose across the same groups. Inilah described the installment share as rising slightly. Neither report gave a reason for the shift, and Bank Indonesia's news release did not explain it either as of 05:49 UTC on Nov 9, 2026.

How the survey fits with Indonesia's Q3 2026 GDP

The October 2026 survey arrived four days after BPS published third-quarter growth data. Moh Edhy Mahmud, BPS deputy for balance and statistical analysis, said on Nov 5, 2026 that the economy grew 5.47% in the third quarter of 2026, CNN Indonesia reported. Household consumption grew 5.04%, accounted for 51.97% of gross domestic product and contributed 2.62 percentage points to growth, slightly less than its 2.68-point contribution in the second quarter of 2026, according to the same report.

Because household spending makes up roughly half of Indonesia's economy, BI's monthly survey is one of the earliest readings on how the fourth quarter of 2026 is starting. October is the first month of that quarter. A higher confidence index alongside a lower consumption ratio means households reported feeling better about jobs and income but, in that month, chose to keep more of what they earned. Our earlier coverage of Indonesia's 5.47% Q3 2026 GDP growth sets out the full expenditure breakdown.

What it means for IDX consumer stocks

The survey is a sentiment gauge, not a sales figure, so it should be read alongside harder data such as retail sales, car and motorcycle sales, and company earnings. Two points from the October 2026 release stand out for readers who follow consumer-facing companies listed on the IDX:

• Optimism improved, spending share did not. The confidence and expectations indices rose, but the consumption ratio fell across all expenditure groups, Investor Daily reported. A single month does not establish a trend; the November 2026 survey will show whether the shift toward saving persisted.
• Big-ticket purchases were flat. The durable goods sub-index held at 106.7 while job and income gauges rose, according to IDX Channel and Kumparan. That reading is the most directly relevant sub-index for sellers of vehicles, electronics and appliances.
• Debt service edged up. The installment share of income rose to 10.1% from 9.7%, according to Investor Daily and Inilah. Readers tracking consumer lenders and banks can compare this with credit data that BI publishes separately.

Monetary policy is the other moving part. Bank Indonesia's rate decisions affect borrowing costs for households and the rupiah; see our report on Bank Indonesia's October 2026 rate decision and our coverage of Indonesia's October 2026 foreign exchange reserves. How the IDX traded on the day the survey came out is covered in the Indonesia stocks daily brief for Nov 9, 2026.

What to watch next

• Bank Indonesia's full October 2026 Consumer Survey report and data series, which contain the price expectation indices and city-level detail not covered in the news release.
• Bank Indonesia's November 2026 Consumer Survey, to see whether the lower consumption ratio and higher savings ratio persist into a second month.
• Retail sales and vehicle sales data for October 2026, which show whether the change in household sentiment showed up in actual purchases.
• Fourth-quarter 2026 GDP from BPS, which will show whether household consumption growth held near the 5.04% recorded in the third quarter of 2026.

This article is for information only and is not investment advice.