2023 has been a year of resurgence for local products in Indonesia, particularly those from small and medium-sized enterprises (SMEs). The online shopping platform, Shopee, has reported a significant uptick in transactions involving these goods. Fashion pieces such as culottes and traditional batik wrap skirts have emerged as hot favorites, offering a blend of comfort, style, and a modern touch to traditional textiles.
A Shift Towards Local Products
One of the most noticeable trends on Shopee is the increasing consumer preference for high-quality local products. These include fashion items like the hijab pashmina, celebrated for its versatile design that facilitates various mix-and-match styles in daily wear. This trend underscores a shift towards supporting local brands and producers among Indonesian consumers.
UMKM EXPO(RT) BRILIANPRENEUR 2023: A Global Stage for Local MSMEs
UMKM EXPO(RT) BRILIANPRENEUR 2023, an event celebrating the resilience of Indonesian entrepreneurs, provided a dynamic platform for 700 MSMEs to showcase their products on a global stage, with 75% of them being new participants. Last year's event successfully attracted 43 buyers from 19 countries and generated potential deals worth US$76.7 million.
Indonesia's Economic Outlook: A Promising 2023
Indonesia's central bank predicts a robust economic growth of between 4.5-5.3% in 2023, one of the highest among G20 members. The country's Positive Investment List, which allows foreign investment in over 200 business sectors, is set to further boost the economy. This is indicative of the increasing confidence in the country's economic future and the potential for local businesses to thrive.