东南亚消费行业2月跟踪报告：消费信心表现分化，仅越南与新加坡股市收涨

Economic Overview - In February 2025, Indonesia's CPI decreased by 0.09% year-on-year, marking the first annual deflation since March 2000[2] - Thailand's CPI increased by 1.08% year-on-year, slightly below the expected 1.10%[25] - Vietnam's CPI rose by 2.91% year-on-year, the lowest level in three months[41] Consumer Confidence - Indonesia's consumer confidence index fell to 126.4 in February 2025, down from 127.2 in January, reflecting concerns over declining purchasing power[20] - Thailand's consumer confidence index improved to 57.8 in February 2025, up from 54.2 in the previous year, driven by government stimulus and tourism recovery[27] Stock Market Performance - Only Vietnam and Singapore's stock markets closed higher in February 2025, while Indonesia, Thailand, and Vietnam's consumer sectors outperformed the broader market[3] - The STI index in Singapore reached a historical high of 3934 points in mid-February due to government stimulus measures[3] Valuation Trends - As of February 2025, the historical valuation levels for essential consumption in Indonesia were at 5%, while Thailand's were at 1% for essential and 64% for discretionary consumption[4] - Vietnam's essential consumption valuation improved to 28%, contrasting with declines in other markets[4] Retail Index Data - In February 2025, Indonesia's retail index was reported at 211.3, while Singapore's was at 122.8, and Malaysia's at 184.9[8]