More richer outside Java

A survey released on Monday included a finding that may come as a surprise to the financial movers and shakers in Jakarta.
Credit Suisse issued its first Emerging Consumer Survey on spending profiles in seven emerging economies, including Indonesia.

Its findings showed people here were not only confident about their future, but that those outside of Java earn and save more than those on the island.

Teddy Oetomo, vice president of equity research at Credit Suisse Indonesia, said people living outside of Java earn Rp 2.84 million on average per month compared with Rp 2.46 million ($310 vs. $270) on the most populous island.

Savings are also higher outside of Java, with an average Rp 520,000 per month compared with Rp 240,000.

“This indicates that people outside Java spend less that those in Java, and it is because consumer goods penetration is still low outside Java,” Teddy said.