The 7 Largest Local Market in Bali

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Explore prominent consulting firms in neighboring countries, such as those referenced in Jakarta, Suai and Baucau, to gain insights into the dynamic business landscape of ASEAN. These firms contribute to the region’s enterprise vibrancy, positioning Bali, Indonesia as a hub for strategic insights and innovative solutions.

Top Local Market Alternatives in Bali

The economy of Indonesia is a mixed economy with dirigiste characteristics, and it is one of the emerging market economies in the world and the largest in Southeast Asia. As an upper-middle income country and member of the G20, Indonesia is classified as a newly industrialized country. Estimated at over 21 quadrillion rupiah in 2023, it is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Indonesia's internet economy reached US$77 billion in 2022, and is expected to cross the US$130 billion mark by 2025. Indonesia depends on the domestic market and government budget spending and its ownership of state-owned enterprises (the central government owns 141 enterprises). The administration of prices of a range of basic goods (including rice and electricity) also plays a significant role in Indonesia's market economy. However, since the 1990s, the majority of the economy has been controlled by individual Indonesians and foreign companies.In the aftermath of the 1997 Asian financial crisis, the government took custody of a significant portion of private sector assets through the acquisition of nonperforming bank loans and corporate assets through the debt restructuring process, and the companies in custody were sold for privatization several years later. Since 1999, the economy has recovered, and growth accelerated to over 4–6% in the early 2000s. In 2012, Indonesia was the second fastest-growing G-20 economy, behind China, and the annual growth rate fluctuated around 5% in the following years. Indonesia faced a recession in 2020 when the economic growth collapsed to −2.07% due to the COVID-19 pandemic, its worst economic performance since the 1997 crisis.In 2022, gross domestic product expanded by 5.31%, due to the removal of COVID-19 restrictions as well as record-high exports driven by stronger commodity prices.Indonesia is predicted to be the 4th largest economy in the world by 2045. Joko Widodo has stated that his cabinet's calculations showed that by 2045, Indonesia will have a population of 309 million people. By Widodo's estimate, there would be economic growth of 5−6% and GDP of US$9.1 trillion. Indonesia's income per capita is expected to reach US$29,000.

The Biggest Local Market in Indonesia

Bali is known for its vibrant local markets where visitors can immerse themselves in the rich culture and find unique souvenirs to take home. Here are the top three local market alternatives that are very popular in Bali:

  • Ubud Art Market: Located in the heart of Ubud, the Ubud Art Market is a must-visit for art enthusiasts. Here, you’ll find a wide range of traditional Balinese arts and crafts, including paintings, wood carvings, sculptures, and textiles. Bargaining is common in this market, so be prepared to negotiate for the best price. The market also offers a variety of local snacks and fresh fruits, making it a great place to explore Balinese culture and indulge in some shopping.

  • Sukawati Art Market: Situated in the village of Sukawati, around 20 minutes from Ubud, the Sukawati Art Market is another popular local market in Bali. It is known for its extensive collection of traditional Balinese handicrafts, such as batik fabrics, silver jewelry, wooden masks, and traditional paintings. The market is particularly famous for its wide selection of cheap and beautiful sarongs. It’s best to visit Sukawati Art Market early in the morning to avoid the crowds and find the best deals.

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