Indonesian Traders Struggle with 50% Revenue Drop During Ramadan

At Jakarta's Tanah Abang market, traders like Toni Sar are facing significant challenges during Ramadan, traditionally a peak season for sales of Islamic clothing. Many vendors report severe drops in revenue, with Sar's earnings down 50% year-over-year due to a combination of post-pandemic economic lulls and competition from online shopping platforms. Despite the slowdown, traders remain hopeful for improved sales leading up to the Eid Al-Fitr celebration. Ardino Putra, another vendor, noted a fall in his sales to two billion rupiah, attributing the decline to economic factors and high operational costs. Newly elected President Prabowo Subianto has promised economic growth, but the current outlook is uncertain, with the central bank cutting interest rates to stimulate the economy amidst a weakening rupiah. Analysts express concern regarding the initial months of Subianto's presidency as traders struggle to adapt to changing market dynamics.