加沙战争等全球地缘政治冲突的影响远远超出政治层面。在印度尼西亚，公众对此类事件的反应已通过消费者行为的变化表现出来。人们不仅在选择购买什么，也在选择向谁购买，并使其购买决策与自身价值观保持一致。.

许多印度尼西亚消费者选择拒绝或抵制被认为与战争发动者有关联的全球企业所生产的产品。这一转变扰乱了商业格局，削弱了长期占据主导地位的国际品牌的优势，并为本土品牌打开了机会之门。本土品牌从这一运动中获得了意外收益，提升了市场份额，并巩固了其在国内市场的地位。.

抵制运动及其对全球品牌的影响

抵制运动于 2023 年底开始在印度尼西亚各地获得显著发展，主要受到以色列—巴勒斯坦冲突升级后公众情绪高涨的推动。社交媒体以及‘No Thanks’等应用程序在其中发挥了重要作用，消费者只需扫描条形码，即可识别产品的原产地及其关联方。.

随着这场运动不断升温，一些全球品牌承受了压力。值得注意的例子包括快速消费品（FMCG）产品。.

PT Unilever Indonesia Tbk. 案例

全球快速消费品巨头 PT Unilever Indonesia Tbk. 在 2023 年第四季度的销售额较 2023 年第三季度下降 15%，净利润同比下降 10.5% 至 4.8 万亿印尼盾。到 2024 年第三季度，其在印度尼西亚的市场份额也从 38.5% 降至 34.9%。.

这一低迷趋势也反映在投资者情绪上：Unilever Indonesia 的股价从 2023 年 10 月 6 日的 3,800 印尼盾跌至 2024 年 2 月的 2,590 印尼盾，下降 31.8%。到 2024 年 10 月，即加沙冲突爆发一年后，该股进一步跌至 1,960 印尼盾，同比下降 48.4%。这种持续下跌凸显了抵制运动对企业长期财务表现的影响。.

According to the Compas Market Insight Dashboard, the consumer health, food, and beverage industries experienced the sharpest sales declines, averaging 16.5% from 2-15 June 2024, due to the widespread impact of the “拉法，所有人的目光”[1] boycott campaign. During 2–15 June 2024, the boycott’s impact was measurable across multiple product categories:

– 在抵制名单所列的 37 个母婴产品类别中，92% 的类别出现销售下降。.

– 在消费者健康领域，29 个关联品牌中有 74% 的品牌销售额较前两周下降。.

– 同样，在食品和饮料领域，75 个遭抵制品牌中有 74% 报告销售额下降。.

– 即使在美容及个人护理类别中，85 个品牌也有 62% 的品牌销售动能下滑。.

– 这种广泛的下降表明，抵制活动显著重塑了消费者的购买行为，反映出印度尼西亚日益兴起的具有社会责任意识的消费浪潮。.

GoodStats.id 的一项调查[2] 进一步印证了这一行为转变：

– 2% 的印度尼西亚受访者支持抵制与以色列有关联的产品

– 在这些受访者中，77.2% 正在积极参与抵制

推动这一转变的动机包括：

– 声援巴勒斯坦：68.1%

– 希望向以色列施压：55.3%

– 宗教/道德考量：30%

此外，55.1% 的受访者认为，抵制运动能够有效影响以色列的行动。.

从本质上看，这一趋势并非短期反应，而是凸显了消费者价值观的结构性转变。印度尼西亚消费者正在表明，品牌声誉日益与其伦理和政治立场相关联，这促使全球快速消费品企业重新评估其市场战略、利益相关者参与方式以及企业社会责任框架，以维持长期品牌资产。.

替代品牌与本土企业的崛起

道德消费重塑印度尼西亚快速消费品市场，本土品牌加速崛起

价值观和道德观如今在塑造消费者购买决策方面发挥着关键作用。随着消费者意识和社会行动主义不断增强，尤其是在地缘政治事件的影响下，许多印度尼西亚消费者正有意识地抵制被认为与其道德立场相悖的品牌。自然，这种行为转变推动消费者寻求更符合自身价值观的本土替代品牌。.

这一趋势给跨国企业带来了重大阻力，同时也为国内企业创造了前所未有的机遇——尤其是在个人护理、家庭护理、美容以及母婴品类。长期以来，Unilever Indonesia 一直是这些领域的主导企业，但由于被认为与以色列存在关联，其主导地位已受到削弱。.

家庭护理细分市场

家庭护理细分市场见证了本土企业的显著增长，Wings Group 成为抵制效应的主要受益者之一。Wings 的竞争优势在于亲民的定价和广泛的分销网络，使其能够同时吸引价格敏感型消费者和具有道德诉求的消费者。因此，Wings 旗下的 SoKlin 和 Daia 等品牌正日益成为消费者偏好高于 Unilever 旗下 Rinso 的替代选择。.

另一家重要企业 PT Kino Indonesia 凭借覆盖个人护理、家庭护理和医疗保健等领域的多元化产品组合，从这一趋势中获益，其 Ovale 护肤产品线相较于 Unilever 旗下的 Dove 和 Pond’s 正获得越来越多的市场关注。这一转变凸显出，印度尼西亚消费者的驱动因素不仅是可负担性，也包括对本土价值观的认同，以及在全球争议背景下对道德中立形象的认可。.

Home Care products in a supermarket in Indonesia

来源：Central Insight

美容与个人护理细分市场：本土领先企业逐步扩大优势

印度尼西亚的美容与个人护理市场长期以来由 Unilever Indonesia 主导，但随着道德消费主义兴起，尤其是在抵制与以色列有关联的品牌之后，市场格局已发生变化。这一变化使本土制造商受益，其中 Wings Group 在“All Eyes on Rafah”活动期间实现了21.8%的销售额增长。这一表现凸显了其通过以价值为导向的道德品牌定位捕捉消费者情绪的能力。与此同时，KAO 等全球制造商的销售额小幅增长6.5%，另外两家企业分别增长4.2%和2%。表现突出的企业如下：

家庭护理、个人护理和美容护理销售额增长（2024年5月至6月）

来源：Central Insight 综合整理

有趣的是，并非所有全球企业都出现了负面结果。日本制造商 PT Kao Indonesia（旗下品牌包括 Biore、Kao Men’s Biore 和 Laurier 等）不在抵制名单之列，其销售额增长了6.5%，表明消费者仍会区分跨国企业的来源地与其政治关联。.

总体而言，美容与个人护理细分市场展现了全球现有领先企业与本土创新企业之间的结构性再平衡。尽管道德消费主义发挥了催化剂作用，但 Paragon 和 Wings Group 等本土品牌的持续增长，最终源于其战略性的品牌定位、强大的清真认证资质，以及对印度尼西亚消费者身份认同的深入理解——这些因素很可能在未来数年继续决定企业的竞争优势。.

Beauty Care products in a supermarket in Indonesia

来源：Central Insight

Personal Care products in a supermarket in Indonesia

来源：Central Insight

母婴细分市场：向本土品牌转移最为显著

在所有快速消费品细分市场中，母婴品类从全球品牌向本土品牌的转移最为显著，凸显出道德消费和民族主义消费趋势如何重塑印度尼西亚的购买行为。该品类过去一直由包括 Unilever Indonesia 在内的全球企业主导，如今市场份额已发生显著重构。.

During the boycott campaign, global brands associated with Israel saw an 18.3% drop in sales, while local brands enjoyed significant growth: Wings Group saw its sales volume surge by 38.5%, marking one of the strongest performances across all FMCG segments. This acceleration was supported by its broad product portfolio, competitive pricing, and established distribution channels that enable deep market penetration even in secondary cities.

PT Tempo Scan Pacific Tbk. (best known for its My Baby brand, which offers a comprehensive range of baby care products, including powders, lotions, and wipes) followed with a 12.6% increase in sales, benefiting from its established credibility in the baby and family care space, while PT Inovasi Teknologi Untung Berkah, operating under the brand Gently which specializes in infant and child personal care products featuring natural, mild formulations, achieved double-digit growth of 11.1%, underscoring the momentum enjoyed by agile local manufacturers.

Mother and Baby products in a supermarket in Indonesia

来源：Central Insight

From a structural perspective, this shift underscores how ethical consumerism, affordability, and local brand trust have become critical purchase drivers in categories tied to family well-being and health. For many consumers, the decision to switch to local brands in mother and baby care reflects both value alignment and risk aversion—as parents seek safe, familiar, and ethically produced alternatives.

Broadly, Indonesia’s local entrepreneurs are adapting swiftly to these evolving consumer expectations. The resulting transformation has not only boosted domestic brand competitiveness but also generated positive economic spillovers—including new job creation, strengthened local supply chains, and reduced reliance on imported goods.

挑战与机遇

Geopolitical sentiment, as seen in Indonesia’s recent consumer boycotts, is actively reshaping the business landscape. These events, rooted in moral or political beliefs, have triggered deep economical behavioral shifts, empowering consumers to shape market dynamics.

This shift marks a critical inflection point for multinational corporations (MNCs). The erosion of trust has revealed a structural vulnerability: an overreliance on brand heritage without sufficient localization or ethical alignment. To regain consumer confidence, global players must move beyond transactional responses (like PT Unilever’s price stabilization) and adopt holistic strategies that combine ethical transparency, value-based communication, and operational agility.

In contrast, Indonesian local brands and SMEs are facing an unprecedented opportunity. The boycott has accelerated a long-term structural shift where consumer nationalism, ethical consciousness, and affordability converge to redefine market loyalty. Many homegrown brands (e.g., Wings Group, PT Paragon) have already overcome historical quality stigmas through improved R&D, competitive pricing, and strong alignment with local cultural values.

To capitalize on this momentum, the path forward is clear. Sustained growth requires continued investment in innovation and quality, all while reinforcing a core identity based on Halal assurance, accessible pricing, and authentic brand storytelling (e.g., #ProudlyMadeInIndonesia). This combination is what will build the durable consumer trust necessary to thrive in a post-boycott environment.

The Strategic Importance of Branding in Indonesia’s FMCG Sector

In Indonesia’s FMCG industry, brand equity often outweighs product differentiation. Unlike in high-tech sectors where innovation drives competitiveness, most FMCG categories—particularly home and personal care—rely on relatively standardized formulations and production technologies. As a result, consumer perception, trust, and emotional connection with a brand become the true sources of competitive advantage.

FMCG products are consumed daily and continuously replenished, meaning that purchase decisions are habitual and heavily influenced by brand familiarity rather than functional superiority. For instance, in categories such as soap, detergent, or basic skincare, the underlying technology or ingredients offer minimal differentiation between brands. What sets market leaders apart is their ability to build aspirational identities, cultural relevance, and perceived reliability through effective branding and consistent communication.

Therefore, in markets like Indonesia—where household penetration of home and personal care products is nearly universal—branding functions as both a trust signal and a lifestyle statement. It not only drives repeat purchases but also shapes consumer loyalty in a landscape where technological innovation is not a major issue, and emotional branding is the key competitive lever.

Strategic Considerations for Investors

The evolving consumer landscape presents both challenges and strategic entry points for investors—local and foreign alike.

For foreign investors, the key is adaptation through partnership and localization. Collaborating with local manufacturers, distributors, or Halal certification bodies can bridge cultural and regulatory gaps. Investments that prioritize local production capacity, ethical sourcing, and inclusive marketing are more likely to resonate with Indonesian consumers, particularly in categories with moral or cultural sensitivity, such as food, personal care, and family products. Foreign investors may consider joint ventures, minority stakeholder, or strategic acquisitions that allow them to participate in the growth of trusted local brands while managing reputational risk, rather than competing head-to-head with local champions.

For local investors, this is an opportune moment to scale and professionalize operations. The surge in demand for local products—spanning FMCG, Halal food, cosmetics, and baby care—demands capital infusion in innovation, branding, and supply chain modernization. There is also untapped potential in second-tier cities and emerging e-commerce ecosystems, where ethical and locally made products are gaining traction.

Both investor groups stand to benefit from a shared opportunity: The rise of ethical consumerism as a durable market force. Boycotts, once viewed as temporary disruptions, are now catalysts for structural transformation—creating a new competitive advantage for companies that align business performance with consumer values.

In essence, Indonesia’s evolving consumer behaviour is not merely a reaction—it is a redefinition. The convergence of moral consciousness, economic pragmatism, and national pride is giving rise to a more self-sufficient, values-driven domestic market. For investors and brands alike, the message is clear: Those who align with these principles will not only weather geopolitical volatility but thrive because of it.

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参考：

[1] In May 2024, the image with the phrase “All Eyes on Rafah” went viral on social media, spreading awareness of the ongoing conflict in Rafah. In Indonesia, the post trended regionally with over 30 million Instagram Stories posts, sparking a new wave of boycott calls

[2]  The online survey was conducted between July 15 and 28, 2024, involving 1,000 respondents aged 18 to 58 from across Indonesia

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