Sales for the Jakarta Great Sale Festival 2011 have exceeded expectations, the chairman of the festival announced.
The sales festival, which ran concurrently with the monthlong commemoration of Jakarta’s 484th anniversary, started on June 17 and concluded on Sunday. Over 65 malls in the Jakarta area participated in the promotion.
Total sales during the 31-day promotion reached Rp 8.7 trillion ($1.01 billion), according to Handaka Santosa, the festival chairman. The amount represents a 21 percent increase from last year’s festival when Rp 7.2 trillion in sales were generated. Additionally, it is a 20 percent increase from the organization’s own projections for this year.
“Our economy is supported by strong domestic consumption, so it’s no wonder that the Great Sale Festival was a success,” Handaka said on Monday.
A survey released by Bank Indonesia last week showed that consumer confidence climbed to a two-year high on optimism that domestic economic conditions will improve. The government forecast a 6.5 percent growth rate for the economy this year. In 2010, the economy grew 6.1 percent. Household consumption accounts for approximately 60 percent of Indonesia’s economy.