Visit to Yogyakarta Markets: Not in Crisis, Turnover Reaches Rp 2 Trillion
Finance Minister Purbaya Yudhi Sadewa, alongside DIY Governor Sri Sultan Hamengku Buwono X, visited the street vendor hub Teras Malioboro and Beringharjo Market in Yogyakarta on Tuesday, 17 March 2026.
Purbaya stated the visit was to observe directly the real economic conditions at grassroots level whilst ensuring the pulse of traditional market activity remains strong amid reports of weakened consumer purchasing power. This followed circulating reports that many traditional markets were in crisis or experiencing dormancy.
“We wanted to see directly whether traditional markets had truly closed down. As it turns out, this place (Yogyakarta) is still bustling, with turnover reaching up to Rp 2 trillion,” Purbaya said during the visit.
Purbaya expressed optimism after witnessing the busy foot traffic and learning of the potential money circulation within these traditional markets. He dismissed the narrative that traditional markets are currently experiencing critical conditions or dormancy.
“The market is getting busier, busier, busier. Hopefully in the future it will be even busier if the economy continues to improve,” Purbaya stated.
Beyond observation, Purbaya took time to shop for local craft items at the market, including batik, fabric, t-shirts and clothing for his wife.
He praised the affordability of commodities in Yogyakarta compared to markets in Jakarta. According to him, overall consumer purchasing power remains stable despite the economic recovery following the third quarter slowdown of the previous year not yet being fully distributed.
“I can see the market’s pulse is still alive. Earlier, some traders requested capital assistance from banking institutions, but I asked Bank Indonesia and the Financial Coordinating Minister, they said the funding was sufficient,” he said.
“Then I asked the traders if they needed additional capital. They said it was enough, so perhaps some traders have already gained access to such support,” Purbaya added.
Regarding commentators’ frequent claims that traditional markets are quiet, Purbaya countered that ground realities show the opposite. He referenced the busy conditions also visible in other locations such as Tanah Abang Market and shopping centres in Bandung, which he said showed positive trends.
“Looking at this place (Yogyakarta), it’s quite busy, with many people gathering here. I don’t think it’s in crisis. Only because we recently emerged from the slowdown that lasted until the third quarter of last year, the recovery naturally hasn’t been evenly distributed yet,” Purbaya said.
“But from what I observe, I went to Tanah Abang and it was busy, it’s busy here, and in other places like Bandung when I asked around, people said it was busy, outlets were busy. So it’s not the complete dormancy that some commentators claim,” he stated.
Purbaya noted that the considerable crowds of visitors at Yogyakarta’s traditional markets, even during midday breaks, further indicated that purchasing power remains resilient. Though conditions have not yet reached desired levels, he believes the trend of economic improvement will continue into the future.