Indonesia – Advertising agency Moonfolks has released a new whitepaper revealing how economic pressures are reshaping Ramadan consumer habits in Indonesia, spotlighting frugal spending, local brand support, and community values.
The whitepaper examines how Indonesian consumers are navigating financial constraints while maintaining the spirit of Ramadan. The research highlights several key trends, including frugal spending, as people become more cautious about their holiday expenses, and growing disinterest in promotions, with consumers now rethinking the value of discounts.
The report also identifies the rise of “Ramadan LocaInomics,” a surge in pride for locally made products, fuelled by boycotts related to the Middle East conflict. Additionally, the study notes a return to core values, with the spirit of “Gotong Royong” (community togetherness) remaining strong, reinforcing Indonesia’s position as the world’s most generous country.
To navigate the changing consumer behavior this Ramadan, Moonfolks’ whitepaper suggests that brands should focus on affordability, transparency, and cultural relevance in promotions. Embracing digital tools like ‘Buy Now Pay Later’ (BNPL) and fintech apps can boost engagement, while purpose-driven campaigns and storytelling create emotional connections. Leveraging AI for precise targeting and adopting a community-centric approach will also help brands connect with local consumers and navigate Ramadan’s complexities.
Commenting on the release, Anish Daryani, founder, president director, and CEO at Moonfolks, said, “In yet another Ramadan shrouded by economic stress, declining earnings, and increasing costs, the ingenuity and creativity of consumers to overcome these challenges leave us with a feeling of awe. We have used these insights, and more, in developing all our Ramadan campaigns this year. We believe having years on the ground gives our brands an edge in staying ahead of the market challenges, ensuring we continue to deliver audacious commerce for them, even in times that are less favourable.”
Elki Hendria, chief strategy and digital officer at Moonfolks, added, “There’s clearly nothing coming in the way of Indonesians making the most of their Ramadan. We call this the spirit of “Semangat,” which translates into “keep up the spirit” or even “keep fighting.”. “Pantang Menyerah” is another terms we use to imply “never give up”. We saw this during Covid-19, and we’re seeing this again during an economic squeeze. Brands need to fuel this spirit to win the hearts of consumers and a share of their wallets”.
