Change! 52% of Digital Savvy People This Year Spend THR Money for Shopping

thr 2024

Changed! 52% of Digital Savvy People Spend Their THR Money on Shopping

Apart from buying new clothes, many allocate a budget for "Bukber" (a gathering to break the fast).

Dream - The additional bonus felt by employees during the fasting month is the presence of Tunjangan Hari Raya (THR) which must be provided by the company. THR becomes an additional income amidst increasing needs. Sometimes employees feel that THR disappears just like that because of its unwise use. Seeing this phenomenon, Jenius conducted a survey on the behavior of digitally savvy society towards the allocation of THR.

The survey "Digital Savvy Community Behavior during Ramadan & Ahead of Idulfitri 2024" was conducted from February 28 to March 18, 2024, involving 233 respondents aged 17-40 from the Jabodetabek and non-Jabodetabek regions such as Bandung, Surabaya, Sidoarjo, Semarang, Medan, Palembang, Makassar, Manado, and Aceh.

Change! 52% of Digital Savvy People This Year Spend THR Money for Shopping

Digital savvy in the field of finance refers to a person's ability to use digital technology intelligently, effectively, and practically in managing personal or business finances.

This ability includes mastery of online financial applications and platforms, such as digital banking, electronic payments, and budget management applications. Someone with digital savvy skills in finance may also leverage integrated data analysis tools and financial reporting within online platforms to make smarter financial decisions.

The results of the survey show that there is a shift in the allocation of holiday bonuses from digital-savvy communities, especially in terms of expenditure allocation, savings, and investments.

"During this year's Ramadan, we have seen a shift in the allocation of THR (religious holiday allowance) from digital-savvy communities compared to the previous year," said Febri Rusli, Digital Banking Partnership Head of Bank BTPN. In 2023, the majority of digital-savvy communities, or 41 percent of respondents, focus on allocating THR for savings, while another 40 percent use THR for shopping, and 19 percent choose to invest THR."

While in 2024, the allocation of THR experienced significant changes. Respondents who used THR for Ramadan shopping increased by 12 percent, while the portion for saving and investing reached 29 percent and 19 percent respectively.

"Last year, the majority of digital savvy individuals (41%) focused on saving their Eid bonus (THR), while 40% used the THR for Ramadan shopping needs, and the remaining 19% chose to invest their THR. Now, the allocation of THR for Ramadan shopping has increased by 12% to 52%, while the portion for saving and investing reached 29% and 19% respectively," he added.

Factor of Change in THR Management

The change in managing the THR is in line with 58 percent of digitally savvy people who feel that their expenses are likely to increase this Ramadan. The allocation of these expenses is divided into several needs, such as buying new clothes (43%), going on a homecoming trip (30%), zakat and charity (30%). Other needs include buying sahur and iftar meals (29%), as well as iftar events together (29%).

Apart from Ramadan needs, digital-savvy society also uses THR to pay off installments or debts, business capital, vacations, home renovations, and buy gadgets or electronic goods. Digital-savvy society also strives to anticipate extra needs by choosing loan options. Compared to last year, the number of digital-savvy society who choose loan options has increased by 13 percent.

According to the survey results, as many as 35% of them plan to take out loans during Ramadan 2024 for various purposes, including celebrating Eid (60%), business capital (46%), and home renovation (18%). Report: Khaira Amalaiya

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