Work-Life Balance as Key Concern Among Indonesian Youth, TGM Research Reveals

SINGAPORE, 10th April - TGM Research, a technology-driven market research company with expertise in global online data collection and innovative survey technology, announces the release of its latest findings on the evolving landscape of Indonesian consumer behaviour, as presented in the TGM Consumer Sentiment Survey in Indonesia 2024. This extensive survey meticulously analyses the shifting dynamics, preferences, and expenditure patterns of a diverse sample of over 827 respondents aged 16-55+ residing in Indonesia.

“As we analyse the findings of our latest survey, it becomes apparent that Indonesians in 2024 are primarily concerned with key issues, notably the impact of rising prices on their behaviour and anticipated changes in spending habits. This valuable insight offers businesses an opportunity to make informed decisions and strategically plan for the challenges and opportunities presented by the shifting landscape of consumer sentiment in the year ahead.” Greg Laski, CEO and Founder of TGM Research says.

Summarised below are key insights from TGM Consumer Sentiment Survey in Indonesia 2024:

The survey, which collected data from a diverse cross-section of the Indonesian population, has highlighted a widespread sense of unease regarding economic matters. Findings indicate that 23% of respondents highlighted financial security as their top concern, closely followed by 17% who identified rising prices as their primary worry.

Additionally, the issue of work-life balance surfaced as a significant concern, garnering the attention of 11% of respondents. Notably, this apprehension is particularly accentuated among younger demographics, with 15% of those aged 16-24 expressing it, indicative of their distinctive outlooks and lifestyles.

Amidst the mounting unease surrounding rising prices, 84% of Indonesians express genuine concern about the escalating costs of everyday items, with a staggering 72% anticipating a further increase in prices over the next three months. This surge in anxiety has spurred action, with 78% of respondents altering their lifestyles to cope with soaring prices. Furthermore, 48% intend to cut back on future purchases of products/services as a strategic move to cushion the blow of rising costs on their financial stability. Interestingly, the burden of rising costs of everyday items weighs most heavily on the young age group, with individuals aged 16-24 feeling the economic strain acutely at 85%.

While the majority of Indonesian consumers intend to maintain their current budgets, notable shifts are anticipated in specific expenditure categories. A substantial 31% of respondents anticipate heightened expenditure on Basic Necessities & Groceries, with 4% within this cohort intending to allocate significantly more funds to this segment. Conversely, regarding housing expenses such as rent or mortgage payments, 36% of respondents express a desire to reduce allocation, with 20% planning a significant reduction over the next three months.

The intention to decrease housing expenditure among a substantial portion of respondents suggests a potential softening of demand in the housing sector. If this trend persists, it may prompt adjustments in pricing strategies by housing providers to align with evolving consumer preferences and budget considerations.

A substantial segment of Indonesian consumers, comprising 77%, are keen on exploring novel digital avenues for purchasing groceries and essential items within the forthcoming three months. Among respondents, individuals aged 30 to 39 exhibit a higher interest level at 84% compared to other age groups. Online shopping is set to become even more popular as 65% plan to switch from in-store shopping to digital platforms. This trend signals a growing preference for convenience and accessibility in shopping habits.