Jakarta - Managing Director of Commercial Real Estate and Shopping Center Studies (CRSC) Yongky Susilo highlighted that sales growth in the retail sector has weakened due to declining purchasing power."This is because consumer goods inflation is higher than income growth. The upper class tends to hold back spending, and continues to accumulate savings since 2024," Yongky said in an official statement in Jakarta, Wednesday.
Yongki explained that sales growth in the retail sector has been felt to be weak since 2023 due to the increase in fuel prices, inflation and the wait and see period due to the impact of the election.
The condition is increasingly concerning because currently Indonesia has lost four percent of the middle class.
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