the “Rojali” phenomenon, characterized by consumers prioritizing low-unit-price items, is a direct consequence of diminished purchasing power, according to APPBI Chairperson Alphonzus Widjaja. This economic downturn has reshaped consumer spending habits, leading individuals to frequent shopping centers but opt for more affordable products due to limited funds.
Widjaja explained that this trend is not unprecedented, typically emerging during periods of economic decline and recovering as purchasing power improves. He emphasized that the “Rojali” phenomenon is temporary and not indicative of a basic shift in consumer numbers.
To counter this trend, retailers and shopping centers are increasingly implementing discount programs and promotions to make goods accessible to the public, particularly the lower to middle-income segments.
Earlier, David Sumual, Head of Bank Central Asia (BCA), noted a general caution in consumer spending throughout the frist half of 2025, especially among the upper-middle class. Data suggests a slowdown in consumer activity, despite a relatively stable corporate sector. This cautious spending, which drives a notable portion of consumption, has been likened by luxury goods suppliers to the economic climate of the 2008 crisis.
Instead of spending, manny in the middle class are choosing to invest their money in instruments such as deposits, demand deposits, and state securities (SBN). While other investment avenues like digital gold, physical gold, and jewelry are also being considered, traditional savings and government-backed securities appear to be the preferred choices for “parking” their funds.
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