As the year 2023 concluded, many took a moment to reflect on how individuals effectively controlled their expenses, maintaining their financial stability. In a year-end survey conducted by PT Global Loyalty Indonesia, involving 120 respondents, insights emerged regarding the strategies used to navigate financial challenges at the close of 2023.
Several factors contributed to a 56% uptick in financial stability by year-end. Notably, around 56% of respondents prepared for vacations, 53% capitalized on year-end sales, and 12% commemorated Christmas. These factors significantly impacted the enhancement of their financial status.
Compared to the previous year, there was a notable shift in year-end activities among the population. Many who previously stayed home opted for vacations, organized BBQ parties, actively celebrated Christmas, held family gatherings, and some even continued working until year-end. Strikingly, 54% of those who went on vacations started planning during the same year.
Apart from vacationers, another 22% indulged in BBQ parties. Analyzing their shopping patterns revealed commonly purchased items for BBQ needs, including soft drinks, butter, cooking oil, snacks, sauces, sausages, meat, and soy sauce.
Considering the diverse year-end activities like vacations, BBQ parties, and Christmas celebrations, significant expenses were incurred. Nevertheless, individuals adeptly managed their finances by prioritizing expenditures. They allocated specific portions for year-end expenses, curbed day-to-day spending, focused on travel expenses, monthly savings, and utilized bonuses.We hope these insights and data are beneficial for you. Suppose you want to know more about your product. We can help you because we have more than 16 million members with millions of daily transactions for analysis, such as consumer behavior and other product data.