Global market research company Euromonitor International shared insights on how companies can tap into the Indonesian market at its first conference for Indonesia at Pullman Jakarta Central on September 25th.
According to Euromonitor, Indonesia has the largest number of middle-class households amongst ASEAN countries, representing 30 percent of the households in 2018. Big cities in Sumatra will have the highest penetration of middle class households by 2030.
This fact offers a sizeable market potential for companies to tap into Indonesia, says Adhitya Nugroho, research manager at Euromonitor. Medan, Bandar Lampung and Padang will be the top three big cities in Indonesia, with almost 50 percent of its population enjoying annual incomes between USD10,000 to USD25,000, he added.
Travel is set to be one of the fastest growing category in the country, increasing by 49.2 percent by 2023. Led by the millennials that are more inclined to spend on travel than other demographics, the will of spending on convenience and experience is marking an unprecedented growth in travel in Indonesia. Furthermore, the smartphone penetration that reached 142 percent of households in 2017, is supporting the young generation to spend more on holidays planning.
Celebrating its 20 years in South East Asia, Euromonitor is looking forward to sharing market insights to maximise business opportunities in a trendsetting region and country.
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ABOUT EUROMONITOR INTERNATIONAL
Euromonitor International is the worlds leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.