Mandiri Institute: Middle Class Drives Consumption During Ramadan 2026

Jakarta (ANTARA) - Mandiri Institute, through the Mandiri Spending Index (MSI), recorded that shopping activities among the middle-class group became the driver of overall consumption strengthening during Ramadan up to Eid 2026. “The middle group became the main driver of shopping acceleration, especially during the THR period, thus contributing significantly to overall consumption strengthening,” said Chief Economist of Bank Mandiri, Andry Asmoro, in an official statement in Jakarta on Wednesday. Furthermore, Andry stated that the Mandiri Spending Index (MSI) recorded consumption growth of 2.9% compared to the pre-Ramadan period, higher than the growth in previous years of 2.8%. According to Mandiri Institute, this reflects a more solid increase in public shopping activities throughout Ramadan up to Eid 2026. Middle-class consumption recorded growth of 4.1%, higher than the lower group (2.1%) and upper group (2.6%). Mandiri Institute conveyed that this data confirms the strategic role of the middle group in maintaining domestic consumption momentum. Andry Asmoro, or familiarly known as Asmo, explained that middle-class shopping growth was recorded at 1.4 to 2 times higher compared to other groups. This condition shows the significant contribution of the middle class as the main driver of consumption, especially during the holiday allowance (THR) payout period. Viewed by age, consumption was mainly driven by the young generation group. Mandiri Institute recorded that Gen Z consumption levels grew by 4.4%, higher than the Millennial age group (3%) and Gen X (1.4%). From the spending category perspective, growth was dominated by non-essential sectors such as fashion (6.4%), beauty care (4.9%), and electronics (4.7%). This differs from the Ramadan-Eid 2025 period, where daily necessities were one of the highest-growing spending categories. “The increase in this category reflects increased public confidence in engaging in discretionary consumption during the Ramadan-Eid 2026 period,” said Asmo. Overall, Mandiri Institute noted that the strengthening of domestic consumption confirms the role of domestic demand as the main pillar of national economic growth. According to Mandiri Institute, this success is inseparable from the effectiveness of government policies and integrated cross-sector synergy in maintaining public purchasing power, including through the smooth and timely THR distribution mechanism this year. Looking ahead, Bank Mandiri’s economic team views this momentum as a strong foundation for the sustainability of domestic consumption growth. With support from measured fiscal policies and strengthening of the digital payment ecosystem, public purchasing power, especially in the middle-class group, is projected to remain maintained as the main driver of the national economy amid global economic fluctuations.