89% Warga RI Doyan Ngutang

CNN Indonesia
5 Oct 202401:40

Summary

TLDRThe video highlights a significant rise in the use of Buy Now, Pay Later (BNPL) services in Indonesia, even as consumer purchasing power declines. According to data from the Financial Services Authority (OJK), BNPL debts through financing companies rose by 89.2% year-on-year, reaching IDR 7.99 trillion by August 2024. Despite this, non-performing loans have slightly decreased. This surge coincides with Indonesia experiencing deflation for four consecutive months. Experts link the drop in consumer spending power to rising prices, especially after fuel subsidy cuts in 2022.

Takeaways

  • 💸 Indonesian citizens are increasingly taking on debt, especially through buy-now-pay-later (BNPL) systems.
  • 📊 The BNPL financing debt grew by 89.2% year-on-year as of August 2024, reaching IDR 7.99 trillion.
  • 📈 This growth marks an increase from the 73.55% year-on-year rise recorded in July 2024.
  • 📉 Despite declining purchasing power, the trend of using BNPL continues to rise.
  • 👨‍💼 OJK Executive Agusman reported that the non-performing loan (NPL) rate decreased to 2.52% in August 2024, down from 2.82% the previous month.
  • 📉 Indonesia has experienced four consecutive months of deflation from May to August 2024.
  • 📉 Deflation rates: 0.03% in May, 0.18% in July, and 0.12% in August 2024, according to the Central Bureau of Statistics.
  • 💡 Researcher Eliza Mardian from the Center of Reform on Economics (CORE) revealed that Indonesia's purchasing power has been declining since 2023.
  • ⛽ One cause of this declining purchasing power is the increased prices triggered by the rise in subsidized fuel prices in 2022.
  • 📉 The ongoing deflation reflects a deeper economic challenge tied to weaker consumer demand and price dynamics.

Q & A

  • What financial trend is highlighted in the transcript?

    -The trend of increasing use of the 'buy now, pay later' (BNPL) system by Indonesian consumers is highlighted, with a significant rise in financing through this method.

  • By how much did BNPL financing increase in August 2024?

    -BNPL financing increased by 89.2% year-on-year, reaching IDR 7.99 trillion in August 2024.

  • How does the August 2024 increase in BNPL financing compare to the previous month?

    -The increase in August 2024 was higher than the July 2024 increase, which saw a 73.55% year-on-year rise.

  • What did OJK report about the level of non-performing loans (NPLs) in August 2024?

    -The level of non-performing loans (NPLs) stood at 2.52% in August 2024, down from 2.82% in the previous month.

  • What economic condition accompanied the rise in BNPL financing?

    -The rise in BNPL financing occurred amidst four consecutive months of deflation, from May to August 2024.

  • What was the deflation rate in May 2024?

    -The deflation rate in May 2024 was 0.03% on a monthly basis.

  • How did the deflation rate change from May to July 2024?

    -Deflation deepened from 0.03% in May to 0.18% in July 2024.

  • What was the deflation rate in August 2024?

    -The deflation rate in August 2024 was 0.12%.

  • What is one reason for the weakening purchasing power of Indonesians, according to the transcript?

    -One reason for the weakening purchasing power of Indonesians is the rise in prices, which was triggered by the government’s decision to raise subsidized fuel prices in 2022.

  • When did the decline in purchasing power in Indonesia start, according to the researcher from CORE?

    -The decline in purchasing power began in 2023, even before the four-month deflation trend that started in 2024.

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Étiquettes Connexes
Buy Now Pay LaterIndonesia economyConsumer financeDeflationMultifinance loansOJK reportPurchasing powerBBM price hikes2024 trendsCredit growth
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