Consumers Growing More Cautious, Gold and Deposits Remain Primary Choice
Based on data from Bank Rakyat Indonesia’s (BRI) February 2026 Consumer Confidence Report, Indonesian consumers are demonstrating increasingly cautious attitudes in managing their income. This is reflected in the rising share of income allocated to savings and a tendency to favour relatively safe savings instruments.
Chief Economist at BRI Anton Hendranata explained that amid economic dynamics, gold and savings or deposits remain the primary choice for the public to store excess income.
Data shows the share of income spent on consumption is declining gradually. In December 2025, consumption share was recorded at 74.3%, then fell to 72.3% in January 2026 and further declined to 71.6% in February 2026.
Conversely, the share of income allocated to savings is increasing. In December 2025, the savings share was at 14.9%, rising to 16.5% in January 2026, and rising again to 17.7% in February 2026.
“The income usage pattern increasingly demonstrates a cautious stance, reflected in the renewed increase in savings share in February 2026,” said Anton in a statement on Thursday (12 March).
He added that the increased savings interest is not limited to specific population groups but is widespread across various household income levels. In February 2026, all expenditure groups recorded increases in savings share compared to the previous month.
Households with expenditure up to Rp2 million recorded an increase of approximately 1.2 percentage points. The Rp2.1 million to Rp3 million expenditure group increased by approximately 1.3 percentage points, whilst the Rp3.1 million to Rp4 million group recorded the highest increase of approximately 2.2 percentage points. For households spending Rp4.1 million to Rp5 million, the savings share increased by approximately 1.3 percentage points, and households spending above Rp5 million also experienced an increase of approximately 1 percentage point.
“This indicates stronger savings preference is not limited to specific groups but is widespread across various household income levels,” he explained.
For the banking sector, Anton noted that increasingly widespread savings behaviour has potential to support third-party fund (DPK) stability.
“However, it may simultaneously reflect the still widespread cautious consumption stance at household level, so domestic consumption recovery potentially continues at a gradual pace,” he stressed.
Furthermore, he observed that in selecting instruments for storing excess income, the majority of respondents still choose savings or deposits and gold as primary options. Savings and deposits remain the most selected instrument despite a slight percentage decline, from approximately 44.2% in December 2025 to approximately 37.9% in February 2026.
Meanwhile, BRI noted that interest in gold has actually increased and stands at approximately 41.3% of respondents in February 2026.
“Consumer savings still tend to be directed towards value-protection instruments, reflected in the persistently high interest in gold,” concluded Anton.