ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Thematic (Sector/Industry)

Indonesia Consumer discretionary / Thematic (Sector/Industry)

<ul><li>A conference call with Nielsen Indonesia reveals that FMCG consumption growth YT-Sep has decelerated to only 2.7% growth YoY. </li><li>Online shopping is growing rapidly, especially on refill of prepaid mobile vouchers and travel booking.</li><li>Nielsen does not see online shopping disrupting offline FMCG consumption growth given less than 1% penetration rate.</li><li>In offline modern retailing, mini-mart format is gaining ground at the expense of hypermarkets.</li><li>The signs of consumers shifting to experiential consumption have emerged.</li></ul>

A conference call with Nielsen Indonesia reveals that FMCG consumption growth YT-Sep has decelerated to only 2.7% growth YoY. Online shopping is growing rapidly, especially on refill of prepaid mobile vouchers and travel booking.Nielsen does not see online shopping disrupting offline FMCG consumption growth given less than 1% penetration rate.In offline modern retailing, mini-mart format is gaining ground at the expense of hypermarkets.The signs of consumers shifting to experiential consumption have emerged.

Call with Nielsen: Is It Weaker Purchasing Power or Online Shopping?