印尼消费者洞察报告：国家黄金

Contents Gold for the Nation: strengthening the financialresilience of Indonesians3 A brief macro-overview of Indonesia4 The 2025 Indonesian investor insights5 Understanding barriers and unlockingopportunities7 The opportunities8 Gold for the Nation:strengtheningthefinancialresilience ofIndonesians Indonesia is home to approximately 284 million people spread across its 38provinces.Within this vast social fabric, gold has long been regarded as aninvestment asset in Indonesian households, typically in the form of heirloomjewellery passed down fromone generation to the next, or in modern-day goldbars and coins. Gold’s enduring appeal reflects both cultural tradition and a deep-rooted belief in its role as a secure and lasting store of value. This report examineslocalinvestors’attitudes towards gold as a modern-dayinvestment asset. It seeks to cast light on the factors shaping its role inIndonesianportfolios, as well as the barriers and opportunities gold faces inIndonesiawith investors seeking to preserve and grow wealth for futuregenerations. A briefmacro-overviewofIndonesia Indonesia's economy has maintained solid growth, averagingaround 5% annually from 2021 through 2024,and is projectedto remain within this range in2025. Inflation has remainedwithinthe Bank Indonesia's target range, with the lateststandingat 2.65% in September 20251.Followingasoft patchin Q1’25, growth improved in Q2,with exports and investmentproviding the bulk of the positive contributionquarter-on-quarter.Part of Indonesia’srecentexport storycomes fromnickel, with the January 2020 ban onore productsresultinginthedevelopment of domestic processing. This,supported bystrong demand from China’s EV industry, has made Indonesiathe world's top nickel exporter. Over 2024 and 2025,gold has been thebest-performingassetinlocal terms. Gold, pricedin Indonesianrupiah,returned32% in 2024,with anotherdouble-digit returnin2025 y-t-d(44%)2.Gold has outperformed bothlocaland globalequitiesandbondsin both years. Chart 3: Gold continues to shine in 2025 Various assetperformancesin IDR While Indonesia’s growth has been relatively firm since late2023, the benefits to households appearchallengingin 2025.Wage growth was solid through 2023 and2024, butitmightshow signs ofeasingthis year amid a softer global backdrop.Thecurrent drag on consumption could reflect incomesoftnessrather than price pressures.For investors,thisenvironmentof slowing wage momentum and macrouncertaintymay reinforcetheappeal of an asset class such asgold. Index, and the LBMA Gold Price PM (USD). 2025 performance is year-to-date as of 30 September 2025. Allcalculations are in Indonesian rupiah (IDR). Chart5: Investors tend toallocatetheir portfolios intogold in various forms Source: Bloomberg, World Gold Council Q:What percentage of the total value of your savingsand investments do you hold in each of these? We wanted to find out whether gold has beenon the minds(and in thedecision-making matrix) of Indonesian investors.To do this, we commissioned a global market research agencyto conduct a large-scale online survey. The study capturedresponses from 2,000 Indonesian investors aged 18 to 65,withvarying income levels and ages. The fieldwork took placebetween August and September 2024 (see Appendix), whichisbeforethe current bullrunwe are seeing in 2025. Indonesian investor insights Behind savings, goldis most widely heldamong Indonesian investors Whenasked about the types of investments investorscurrentlyown, 74%of survey respondentsindicated savingsaccounts.Behind savings,though,results show thatgold isthe most widely held.Two in three Indonesians (67%) holdgold investments in some form,such as high-carat goldjewellery,gold bars and coins and gold exchange-tradedfunds (ETFs). Looking atthetime heldforeach form of gold allocation,the survey finds that physical forms of goldtend to beheldforanextendedperiod of time.The average holding timefor gold bars, coins, and fine gold jewellery is 6 years,whereas for gold ETFs and other gold securities, it is 4years. Chart4: 67% of Indonesian investors hold gold in differentforms–high-caratjewellery and bars andcoinsbeingthemost popular Chart6:Time held for each form of gold allocation Q: Which of these types of savings and investments, if any,do you currently own? Q:How long do you intend to continue holdingeach ofthese types of investments in gold? The surveyalsocaptured allocation levels across fourmain gold product categories, with investors indicatingthe percentage of their portfolio each represented.Allocation appearsbroad-based withgold ETFs and othergold securities concentrated within a1-10% range. Why people invest: securityand peace ofmindin times of need So, what does the profile of a gold investor in Indonesialook likeand why do they invest? Based on our survey, theIndonesian gold investor is more likely to be female, driven When asked about general attitudes to investing, Indonesianinvestors cited the need to i