Indonesia

Macroeconomy
& FMCG Update
Q3 2024
Data ending Sep 24​
Date : 14 Dec 2024
Presented for : BINUS

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 1 NIQ Introduction

CONTENT 2 Basic economy indicator

3 Household Spending Behaviour

4 FMCG Index Update

5 TCG Index Update

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Disclaimer

This publication has been produced by NielsenIQ+GfK. It is distributed for informational purposes only. NielsenIQ+GfK makes no express or
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NIQ Introduction

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© 2024 Nielse n Consumer LLC. A ll Rights Reserved.
The Full
View

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© 2024 Nielse n Consumer LLC. A ll Rights Reserved.
Basic Economy
Indicator

September 2024

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 BPS
Indonesia GDP rate on Q3 still grow on 4.9% and Inflation running on 1.8%

But in YoY quarter trend the GDP rate showing softened trend. Monthly deflation rate also continue up until Sep 24 on 1.8%

GDP Growth (%) Annual Inflation (%)

2015-2022 2023 2024 2015-2022 2023 2024

FY 2023: 5.05

5.5
5.0

4.8 5.0 5.1 5.2 5.0 5.3 5.0 5.2 4.9 5.0 5.1 5.0 4.9
3.7
3.6 3.5
3.4
3.0 3.1 3.1
2.7 2.7 2.6 2.5
2.3
1.7 1.8
-2.1

FY FY FY FY FY FY FY FY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DEC DEC DEC DEC DEC DEC DEC DEC MAR JUN SEP DEC MAR JUN SEP DEC
15 16 17 18 19 20 21 22 23 23 23 23 24 24 24 24 15 16 17 18 19 20 21 22 23 23 23 23 24 24 24 24

Source: BPS | Bank Indonesia

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 BPS
HH consumption is the biggest contribution to economy stabilized in Q3 24

Government Spending slightly increase in Q3 (YoY) basis while gross capital formation remain stable

Q3 2024 – GDP contribution by expenditure GDP expenditure growth

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
22.5% 20.7% 1.7% 2018 2019 2020 2021 2022 2023
’23 ’23 ’23 ’23 ’24 ’24 ’24 ’24

Export/GDP* Import/GDP Net export HH consumption

5.1 5.0 4.9 4.8 4.5 5.2 5.1 4.5 4.9 4.9 4.9
2.0

53.0% HH Consumption
-2.6

7.2% Gov. Spending Gov. Spending

19.9
10.6
Gross Fixed Capital 4.8 4.6
29.7% Formation
3.3 1.9
4.2 2.9 4.0 2.8 1.4

-4.5 -3.8

1.7% Net Export/Import

Gross-fixed Capital formation

6.7 5.7
4.5 4.4 4.6 5.0 4.4 5.1
8.4% Others 3.8 3.9
2.1
3.8

Source: BPS | Bank Indonesia -5.0

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 BPS
Monthly deflation is showing since May 2024

Inflation rate on Sep 24 is lower compared to last year reflected in all industries except personal care and other services

Monthly inflation & CPI* Annual inflation by composition

2.0
Ann ual Sep 23 Ann ual Sep 24
120.0 119.7
120

117.7 General 2.3

1.8
116.6
1.5 Food, Beverages & Cigarette 4.2
2.5
115
1.0
1.2 Clothing & Footwear 1.2

Housing, Water, Electricity, and Household fuel 1.3

1.0 1.0 0.6
110
Equipment & Maintenance of household routes 2.0
1.1
0.7
Health 2.1
1.7
0.5
105 1.0
Transportation 0.9

0.1 0.1
Information, Communication and Financial services -0.2

0.0 1.6
100 Recreation, Sport and Culture 1.5

Education 2.1
1.9

Restaurant 2.4
95 -0.5 2.2
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23

Sep-24
Jun-18

Jun-19

Jun-20

Jun-21

Jun-22

Jun-23

Jun-24
Mar-18

Mar-19

Mar-20

Mar-21

Mar-22

Mar-23

Mar-24
Dec-17

Dec-18

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23

3.7
Personal care and Other services 6.2

-2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Source: BPS | Bank Indonesia

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 BI
Indonesia consumer confidence is maintained

This is reflected in all indicators, which remain stable in Q3 2024

CCI CECI CEI

Consumer
Consumer Consumer future
economic
confidence index expectation index
condition index

150
138
140 133
128 127
130 123
117
120 111 113
110
100 95 94
90
77
80
70
59
60
50
40
30
20
Covid-19 Pandemic
10
0
SEP20 DEC20 MAR21 JUN21 SEP21 DEC21 MAR22 JUN22 SEP22 DEC22 MAR23 JUN23 SEP23 DEC23 MAR24 JUN24 SEP24

Source: Bank Indonesia

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 Consumer Sentiment Perception

Compared to the rest of the world, more Indonesian consumers feel better than worse, Indonesia consumers is highly confidence

Where more consumers are “Better Off” than worse

38.4
33.7
27.7
18.5
Global 13.5
10.7 9.2 8.7 Where more consumers are “Worse Off” than better
Benchmark 7.8
-2.6

-5.7 -7.5
-13.3
-16.3 -18.4 -19.0 -19.2 -21.3 -21.4 -22.0 -22.7
-26.5
-29.4 -30.9
Total Indonesia India Saudi Egypt Mexico China South Brazil Colombia Thailand Singapore South Chile Italy Poland Australia Spain Germany United United Canada Turkey France
Global Arabia Africa Korea States Kingdom

Source: NIQ 2024 Mid-Year Consumer Outlook. Data reflects net change between those who say they are “better off” financially compared to those who say they are “worse off” financially; Q. Compared to a year ago, would you say that overall, your
household is better off, the same, or worse off financially? Note: In China, verbiage reflects change in “management of spending.”

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 Indonesia consumers concerns in facing 2025
Rising food prices & threat of an economic downturn continue to be top factors weighing on consumers’ minds

Global conflict / Crisis escalation

1 Rising food prices 37% 6 (was #5 in Jan. 2024) 12%

Personal Welfare / Happiness 83%

2 Economic downturn 27% 7 (was #11 in Jan. 2024) 12%
Say they’re likely to be
actively seeking additional
Political unrest income streams beyond
3 Global warming / Environment 16% 8 (was #4 in Jan. 2024) 11% their primary job

4 Rising fuel / Transportation costs

(was #8 in Jan. 2024) 14% 9 Ability to provide basics for family
(Was #7 in Jan. 2024) 11% 23%
Say they’re likely to
Increased utility bills Job security increase their personal
5 (was #9 in Jan. 2024) 13% 10 (Was #13 in Jan. 2024) 9% debt level to afford their
current lifestyle
Source: NIQ 2024 Mid-Year Consumer Outlook, Indonesia, vs. Mid-2022 and Mid-2023 studies, excludes China.
Q: Which of the following best describes how current events* of the last few years have impacted your overall household financial situation?
*Note: Question phrased more specifically to COVID-19 impact in June 2022​.

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 BI

Current income expectation & durable goods purchase still maintained

But Job availability expectation is still on lowest level in last 12 month

Consumer current economic condition by components*

Mar'20 Apr'20 May'20 . Sep'23 Oct'23 Nov'23 Dec'23 Jan'24 Feb'24 Mar'24 Apr'24 May'24 Jun'24 Jul'24 Aug'24 Sep'24

124
118 116 116 118 120 120 121 122 122 118 118
115 116 117 116
114 113 113 113 113 112 111 111
112 110 110 112 112 111 111 111 111
110 109 109 110
106 107 107 108

86
84

73

64

51

41

28

Current income expectation Job availability expectation Durable goods purchase

. *) Consumer Current Economic Condition compared to 6 Months Ago.

Source: Bank Indonesia

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 OJK
Positive fund trends sustained their growth momentum into Q3 2024
The rise in funds was driven by saving account, which increased by 6.1% compared to Q3 2023. Additionally, time deposits
with a 3-month term also saw a significant increase. However, time deposits with longer than 12 months terms experienced a
sharp decline.

Q3 Position Rp5,997,264

Fund from saving Rp5,672,721 +5.7%

+5.5%
account + time deposit Rp5,377,100
(in billion Rp)

2022 Q3 (Up to Aug) 2023 Q3 (Up to Aug) 2024 Q3 (Up to Aug)

Composition of saving account & time deposit Time deposit by type

Q3 Position – Up to Aug Q3 Position – Up to Aug
(in billion Rp) (in billion Rp)
Q3' 2023 Q3' 2024 Q3' 2023 Q3' 2024
-3.6%
+5.4%
+6.1% Rp 1,368,986Rp 1,319,633 +31.0%
Rp3,090,768 Rp3,256,850 Rp 1,198,777

Rp2,581,953 Rp2,740,414
Rp 915 ,32 5
-17.5%
+3.5%
Rp 458 ,07 4
Rp 348 ,38 3 Rp 360 ,58 9 Rp 377 ,85 0

Saving account Time deposit Period 1 month Period 3 month Period 6 month Period >= 12 month

Source: Otoritas Jasa Keuangan Q3 2022– Q3 2024 / www.ojk.go.Id

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Household
Spending
Behaviour
September 2024

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 CPS
A decline in spending is seen, driven by Middle and Lower Classes

Meanwhile Upper Class still maintains their spending compared to last year

Avg. monthly spend/HH – 000 IDR Avg. monthly spend/HH by SES

17% 58% 25%

% Growth  Total Upper Middle Lower
8,000
Q3’24 vs YA  -3%
Q3’24 vs YA +0% Q3’24 vs YA -5% Q3’24 vs YA -8%
7,000

10,000
6,000

9,000

5,000 8,000
4,540 4,474 4,333
7,000
4,000
6,000

5,000
3,000

4,000

2,000
3,000

2,000
1,000

1,000

0 0

Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q3'22 Q1'23 Q3'23 Q1'24 Q3'24

Source: NielsenIQ Consumer Panel - Total Family Spending – Q3’24 vs YA

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The biggest decline come from Education due to different period focus vs last year, where CPS

education is higher in Q3 last year while it is Q2 for this year

FMCG is still maintained by households while other spending are growing well

HH spending contribution % HH spending growth

Q3’24 vs YA (not in particular order)

Q3'23 Q3'24
Food

Transportation

Telecommunication

Strong Growth  Insurance

(above +5)
23
20 Saving + Loans
17 18
16 15 16
12 12 Health
8 9 9
5 5 Housing Related
4 4 3 3
1 1
FMCG
Moderate Growth 
FMCG Food Housing Transport Comm Education Health Saving + Leisure Insurance
(between +5 to -5)
(Fresh & Related Loans Leisure
Staples)

Decline Growth  Education

(below -5)
Not in particular order
Source: NielsenIQ Consumer Panel - Total Family Spending – Q3’24 vs YA

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 CPS
Each classes has different spending priorities based on their financial capability

However, a similarity can be observed in the spending on FMCG remains stable across classes

HH spending growth by

Q3’24 vs YA 17% 58% 25%

(not in particular order) Upper Middle Lower

Food, Housing Related,

Strong Growth Food, Housing Related,
 Communication, Health, Food, Health, Insurance
(above +5) Transportation, Insurance
Saving & Loans, Insurance

Moderate Growth FMCG, Transportation, FMCG, Communication, FMCG, Transportation,


(between +5 to -5) Leisure Saving + Loan, Leisure Communication, Leisure

Decline Growth Housing Related, Education,

 Education Education, Health
(below -5) Saving + Loans

Not in particular order

Source: NielsenIQ Consumer Panel - Total Family Spending – Q3’24 vs YA

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 CPS
Households try to hold their FMCG spending steady except for Lower class

Lower class has to keep up with the economy, yet they has a limited budget

FMCG In-Home Purchase Growth

Upper SES Keep their spending steady

Middle SES Maintain their spending and consumption

Lower SES Opt bigger packsize to make the most of limited budget

Basket Size per

Q3’24 vs YA Unit per HH Spend per HH Spend per trip Shopping trip
trip

Total
-1% 0% 1% 1% -1%
panel Growth

Upper (17%) 0% -0% -3% 0% -0%

Middle (58%) -2% -1% 1% -0% -1%

Lower (25%) -1% 3% 5% 4% -1%

4.0 and above% Between +/-4.0% -4.0 and below

Source: NielsenIQ Consumer Panel - Total FMCG – Q3’24 vs YA

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 CPS
Different spending priorities is shown across classes

However, Beauty and Decorative has a high growth across classes

17% Vol = 0% 58% Vol = -2% 25% Vol = -1%

Value growth
(Q3’24 vs YA) Upper Class Val = -0% Middle Class Val = -1% Lower Class Val = 3%

10% and more Beauty, Decorative Healthcare Non RTD, Beauty, Pharma OTC

Lose trial buyers bu t the

remain ing buyers’ spend Instant Food, Cooking Aids,
`is incr easing
5%- 10% Cooking Aids Non RTD Snack+Confect, Decorative,
Other Homecare

2%- 5% Non RTD Beauty, Other Homecare

Instant Food, Snack+Confect,

Instant Food, Cooking Aids,
-2% - [+2%] RTD, Pharma OTC, Healthcare, RTD, Hygiene
Snack+Confect, Pharma OTC
Other Homecare

Dairy, RTD, Basic PC,

-2% and more Dairy, Basic PC, Hygiene Dairy, Basic PC, Healthcare
Decorative, Hygiene

Note :
Vol: AWOP unit growth, Val : Spend/HH growth

Figure with (*) are low base. Please use it as an indication only

Source: NielsenIQ Consumer Panel – Total FMCG – Q3’24 vs YA

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Indonesia FMCG
Index Update

September 2024

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 RMS
In Retail sales, overall FMCG is stable with 4% growth on MAT Sep 24

Value growth is mostly driven price increase, while volume contraction is continued.

Value, volume growth & price/unit % change | Top 81 FMCG categories

MAT
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Q3’24 vs YA
Sep24 vs YA

GDP Growth 5.0 -2.1 3.7 5.0 5.0 5.0 4.9

Inflation 2.7 1.7 1.9 5.5 2.6 1.8 1.8

FMCG
4 9 2 12 5 5 3
Price/EQ Change %

12

5 11 5 5
405 -3 7
3
1
2 4 4
-1 -1 -3 -1

-7

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 MAT SEP24 vs YA Q3'24 vs YA

FMCG Value Growth % FMCG Vol Unit Growth % FMCG Price/Unit Change %

Source: Bank Indonesia | NielsenIQ RMS Data

FMCG period 2019 and before use total market Indonesia exclude Maluku+Papua

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 RMS
On value basis, FMCG still manage to perform positive while Cigarette continue to decline

While in Volume unit offtake, FMCG is slightly recovered in P3M and P1M

Cigarette FMCG
Growth vs YA P12M P6M P3M P1M Growth Vs YA P12M P6M P3M P1M
Value -5% -5% -5% -5% Value 3% 3% 4% 5%
Vol STC -8% -7% -7% -7% Vol unit -1% -0% 1% 1%

Volume (Bill Stc) Value (Trillion Rp) Volume (Bill Units) Value (Trillion Rp)

28.9 28.2 40.9

27.2 26.8 38.8 39.0
35.4

21.0 20.8
12.4
19.0 11.5 11.8 12.0
17.6

SEP 21 DEC21 MAR22 JUN22 SEP 22 DEC22 MAR23 JUN23 SEP 23 DEC23 MAR24 JUN24 SEP 24 SEP 21 DEC21 MAR22 JUN22 SEP 22 DEC22 MAR23 JUN23 SEP 23 DEC23 MAR24 JUN24 SEP 24

Source: NielsenIQ RMS Data | September 2024

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 RMS
Food & Beverages grow in Q3 vs YA on both Value & Volume

However declining trend is happened in PC, HC , Pharma & Healthcare

Value & Volume Growth %

Retail Sales Retail Sales Retail Sales Retail Sales
Value % Growth Volume Unit % Growth Value % Growth Volume Unit % Growth
P12M vs YA Q3 vs YA P12M vs YA Q3 vs YA P12M vs YA Q3 vs YA P12M vs YA Q3 vs YA

FMCG (Cont.) 3 4 -1 1 FMCG (Cont.) 3 4 -1 1

Cooking aid (9%) 6 15 2 6
Food (36%) 4 8 0 5 Instant food (12%) 2 3 -2 1
Snack + confectioneries (15%) 6 10 0 7
Dairy (12%) 1 -1 0 0
Beverages (32%) 4 3 0 1 Non RTD (7%) 7 16 -2 1
RTD (13%) 5 1 1 1
Beauty Care (6%) 8 7 1 0
Personal care (19%) 3 2 -4 -5 Basic PC (12%) 0 0 -4 -6
Decorative (1%) 1 -1 -4 -7
Hygiene (7%) 3 3 -4 -3
Homecare (9%) 4 3 -3 -3
HC Others (2%) 7 4 1 -1
Pharma (3%) -5 -4 -7 -7 Pharma (3%) -5 -4 -7 -7
Healthcare (1%)* -4 -4 -12 -11 Healthcare (1%) -4 -4 -12 -11

Sou rce : NielsenIQ RMS Data | September 24

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 RMS
Top 10 categories (1/2)

Coffee, Snack and Cooking oil is the growth driver for Q3 2024.

Indonesia total | Top 1-10 categories | Value growth | Ending Sep24

P12M vs YA P3M vs YA

01 02 03 04 05 06 07 08 09 10

INSTANT
NOODLES BISCUIT POWDER MILK COFFEE MINERAL WATER SNACK COOKING OIL LIQUID MILK SKINCARE TOILET SOAP

20
19

15
12
10
8 9
7 8
6 6 6 6
3 2
0

(1) (0)
(2)

(6)

Source: NielsenIQ RMS Data

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 RMS
Next 11-20 categories (2/2)

Frozen food, Non powder detergent & Cologne continue to showing double digit in P3M

Indonesia total | Next 11—20 categories | Value growth | Ending Sep24

P12M vs YA P3M vs YA

11 12 13 14 15 16 17 18 19 20
SWEETENED
CONDENSED NON POWDER
BABY DIAPERS TEA-RTD MILK SHAMPOO FROZEN FOOD DETERGENT STOCK SOUP DETERGENT COLOGNE CHOCOLATE
18
17

11 12 11
10
9
7
5
3
2 2

(0)
(3) (2) (2) (2) (2)
(4)
(5)

Source: NielsenIQ RMS Data

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Channel & Area
performance

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 RMS
Almost all channel manage to perform positive in Q3 24, mostly driven by Minimarket

The positive performance on Minimarket followed by GT while HSM is normalization after festive in Q2

Total HSM (9%) MM (39%) GT (46%) HBM (3%) HBC (3%)

P12M vs YA 3% 1% 7% 2% 1% -0%
Growth %
P3M vs YA 4% -0% 8% 4% 2% -0%

Data ending in Sep24

Value (Rp) index – Sep’21

MT Hyper/Super MT Minimarket General Trade H&B Medical H&B Cosmetic

180

160

140

120

100

80

60

40

20

0
SEP21 DEC21 MAR22 JUN22 SEP22 DEC22 MAR23 JUN23 SEP23 DEC23 MAR24 JUN24 SEP24

Source: NielsenIQ RMS Data | September 24

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 CPS
Online keeps growing well and happened across classes

Households continue to purchase at least once in online even though the spending is slightly softening in the past 3 months

Penetration (%) Total Spending (Bill IDR) Spend/HH (000 IDR)

33.8
31.8

26.2 632
591

20.0 495
17.2
19.0
13.1 16.1

12.1 12.2
9.7
7.1

Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24
Sep-22 Mar-23 Sep-23 Mar-24 Sep-24
Total Upper (17%) Middle (58%) Lower (25%)
Source: NielsenIQ Consumer Panel – FMCG - Online - Trended Rolling MAT

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 CPS
All classes are buying more often and more categories in online

Category wise, personal care has the biggest influence in online, followed by dairy and cooking aids. Furthermore, Shopee
remains as the first important banner in online

FMCG E-commerce

Average category Shopping trip Top 10 Top 5

bought growth vs. YA FMCG E-commerce FMCG E-commerce
Growth contributor Banner contribution
Total panel 4.2 +26%
1. Skincare 6. Honey * 1.

Upper 4.9 +13%

2. Baby Diapers 7. Cosmetics * 2.

Middle 4.0 +13% 3. Powder Milk 8. Vitamin 3.

4. Cooking Oil 9. Coffee * 4.

Lower 3.4 +34%

5. Facial Tissue 10. Face Powder 5.

*

*not in Top 10 in MAT Q2 24 * Start Audit in July 2024

Source: NielsenIQ Consumer Panel – FMCG - Online – MAT Q3’24

© 2024 Nielse n Consumer LLC. A ll Rights Reserved. 34

 RMS
Almost all region showing positive growth in Q3 2024

Except East Indonesia is having negative growth in latest quarter.

Indonesia* FMCG: 496 T Value Area Contribution, Value Growth | P12M, P3M (Ending Sep’24)

Sumatra Jakarta Gr Other Banusra Kalimantan Sulawesi East

Java Indonesia

P12M vs YA 14.9 0 18.7 3 47.4 2 4.5 11 6.7 7 6.1 10 1.7 4

P3M vs YA 15.0 3 18.6 4 47.1 1 4.6 10 6.7 7 6.4 11 1.6 -3

Major cities Other cities Rural

P12M vs YA 33.5 2 53.6 4 12.9 6

P3M vs YA 33.0 2 53.6 5 13.3 9

*) Include East Indonesia

Major Cities: Jakarta Gr, Bandung Gr, Semarang Gr, Yogyakarta Gr, Surabaya Gr, Malang Gr, Medan, Makassar Gr. Other Cities: Urban except Major Cities. Rural: Rural | September 2024

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Indonesia
T&D
Market Review
September 2024

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Tech Consumer Goods (TCG) – Indonesia – Unit

By volume unit, all categories experienced a decline in YTD basis compared to year ago.

Indonesia | Volume growth YoY % | YTD: Jan-Sep 2024

Consumer
Office Electronics
-13.3%
[e.g., Printer, & Multi Functions.] -0.7% 22%
1.0% [e.g., TVs, Headphone/Headsets,
Bluetooth Speakers, etc.]

Information Tech -2.8% Major Domestic

-10.7% 21%
[e.g., Laptops, Desktops PC
67 Mil Unit 9% Appliances
Media tablet, Keyboard, etc.] [e.g., Washing machines

(-7.2%) Refrigerators, Air Conditioner, etc.]

-6.5% Total Sales Unit

Photo 0.2%
and Growth
[e.g., Digital cameras, Action camera, etc.]
% YTD 2024 -2.1% Telecom
[e.g., Smartphones,
13% Smartwatch, etc.]

Small Domestic Appliances -5.5% 33%

[e.g., Rice Cookers, Blender, Iron, etc.]

Source: GfK Market Intelligence: Sales Tracking, Indonesia Coverage volume & growth YTD (Jan-Sep) 2024 vs 2023,

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Tech Consumer Goods (TCG) – Indonesia – Value IDR

However, value wise, the market is still in positive trajectory. Mostly driven by Telecom, IT & Office.

Indonesia | Value growth YoY % | YTD: Jan-Sep 2024

Consumer
Office Electronics
[e.g., Printer, & Multi Functions.] +2.7% 1.0% 8% -12.6% [e.g., TVs, Headphone/Headsets,
Bluetooth Speakers, etc.]
ASP : IDR 2 mio (+3.4%)
ASP : IDR 692K (+0.9%)
18% 14%
Information Tech +4.7% 0.0% Major Domestic
[e.g., Laptops, Desktops PC Appliances
Media tablet, Keyboard, etc.]

ASP : IDR 1.6 mio (+17.3%) 1.1%

130T IDR [e.g., Washing machines
Refrigerators, Air Conditioner, etc.]
2%
Photo -1.7%
(+2.1%) ASP : IDR 2.9 mio (+2.9%)

[e.g., Digital cameras, Action camera, etc.]

Total Sales Value
and Growth
ASP : IDR 10.4 mio (+5.2%)
% YTD 2024 +4.8% Telecom
[e.g., Smartphones,
Smartwatch, etc.]
Small Domestic Appliances -9.0%
[e.g., Rice Cookers, Blender, Iron, etc.] ASP : IDR 3.3 mio (+7.1%)

ASP : IDR 322K (-3.7%) 57%

Note: ASP = Average Selling Price

Source: GfK Market Intelligence: Sales Tracking, Indonesia Coverage volume & growth YTD (Jan-Sep) 2024 vs 2023,

© 2024 Nielse n Consumer LLC. A ll Rights Reserved.

Tech Consumer Goods (TCG) – Indonesia – Value Trend in Quarterly Basis

The traction is gradually improving from quarter to quarter in most of categories.

Q4'23 Q1'24 Q2'24 Q3'24

9.8
6.9 7.0 5.8
5.4
3.5 4.8
0.9 0.3 1.5 0.4

-1.7 -2.2 -1.9

-4.2
-6.6
-10.2 -10.8 -10.1
-12.2
-14.3
-16.0
-19.0
-24.9

TCG IT & Office CE Major Domestic Appliances Small Domestic

Telecom incl. Aircon
Appliances

© 2024 Nielse n Consumer LLC. A ll Rights Reserved.

TCG Sales Growth Drivers

Innovation that offered upgrade value proposition were able to drive the sales traction across Tech products.

Premium segment example (color data) vs. category total (grey data point)
Jan-Sep 24 | Sales value IDR growth YoY%

57%
Ultrathin
3+Door >=256GB +10”
+75” (<=18mm)
French Storage Screen
Screen 32% Refrigerator Wash &
25% Dry
21% Bluetooth 20%
9% 14%
5%
7%
4% 4%
-4%
-10%
-16%

PTV Mobile PC Refrigerator Smartphone Washing Machine Computer Mice Media Tablet

Source: GfK Market Intelligence: Sales Tracking, Indonesia Coverage volume & growth YTD (Jan-Sep) 2024 vs 2023,

© 2024 Nielse n Consumer LLC. A ll Rights Reserved. 49

Tech Consumer Goods – Indonesia – Value (IDR) – Trended

After continuously increasing & hit the peak on Jul’24, market was corrected but still manage to grow positively in Sep’24.

Indonesia Tech and Durables | Value growth YoY % | 2019 - 2024

80% Pre - Covid Core Covid Restriction Fade-out Normalization

70% 70.7%

60%

50%

40%

30%
11.7%
20%

10%

0%
0.7%
-10%

-20%

-30%

-40%
Feb 19

Feb 20

Feb 21

Feb 22

Feb 23

Feb 24
Apr 19

Apr 20

Apr 21

Apr 22

Apr 23
Mar 19

May 19

Mar 20

Mar 21
Oct 19

May 20

Oct 20

May 21

Mar 22

Mar 23
Oct 21

May 22

Oct 22

May 23

Mar 24
Oct 23

Apr 24
May 24
Aug 19
Sep 19

Aug 20
Sep 20

Aug 21
Sep 21

Aug 22
Sep 22

Aug 23
Sep 23

Aug 24
Sep 24
Jun 19

Nov 19

Jun 20

Nov 20

Jun 21

Nov 21

Jun 22

Nov 22

Jun 23

Nov 23

Jun 24
Jul 19

Dec 19
Jan 20

Jul 20

Dec 20
Jan 21

Jul 21

Dec 21
Jan 22

Jul 22

Dec 22
Jan 23

Jul 23

Dec 23
Jan 24

Jul 24
Source: GfK Market Intelligence: Sales Tracking, Indonesia Coverage volume & growth YTD (Jan-Sep) 2024 vs 2023,

© 2024 Nielse n Consumer LLC. A ll Rights Reserved.

 In overall TCG, online contribution similar compared to year ago.
And phase of sales value growth is also similar in past 1 year.

% Sales Volume (in Unit)

Online Offiline
Indonesia TCG | Sales Value Growth in IDR Year on Year % | 2019 – 2024 | Online & Offline

68.7% 69.6%

31.3% 30.4%

% Sales Value (in IDR)

84.0% 84.1%

16.0% 15.9%
J AN' 23-S EP' 23 J AN' 24-S EP' 24

2,351,163
2,162,164

904,673 1,016,081

Y TD 2023 Y TD 2024

© 2024 Nielse n Consumer LLC. A ll Rights Reserved. 51

 RMS

FMCG volume contraction is continued while consumer spending is maintained

All basic indicators are sustained Consumer priority is still evolving. Consumer Smart Consumer, that well connected are
is focusing on what it’s important and could driving omnichannel usage. Both Online and
give them better tangible experience Offline are co-existed for different purpose
FMCG e-commerce is continuously growing
• All consumer basic indicators are showing • Consumer across SES classes continue to
hold their FMCG spending steady thru • Most offline channels are performing positive
positive situation in Q3 2024 movement in Q3’24, with MM still showing
various methods.
• GDP rate still grow at 4.9% level with the fastest
inflation running on 1.8% • Upper SES – keep their spending steady
• FMCG e-commerce is continue to grow with
• Consumer confidence is still high and • Middle SES – maintain their spending and
consumption upper-middle class continue to accelerate
maintained, reflected in all indicators with increase spending, though soften trend
• Lower SES – opt bigger packsize to make
• In home consumption for FMCG is is seen in the last quarter
the most of limited budget
maintained in moderate growth across SES • Outer Java regions continue to grow better
classes and FMCG retail sales growth is than Java regions
• The TCG sector indicate that despite the
driven by price increase of around 5%. lower unit sales in Q3’24 result, value is still
growing for most sectors. Innovation that
offered upgrade value proposition were able
to drive the sales traction across Tech
products.

© 2024 Nielse n Consumer LLC. A ll Rights Reserved. 55

Thank you!

© 2024 Nielse n Consumer LLC. A ll Rights Reserved. © 2024 Nielse n Consumer LLC. A ll Rights Reserved. 56