June 7, 2018

Consumption Activity Index

Private consumption contracted by 0.4% in the first quarter of 2018.

Published monthly by the BoJ. Updated until the month of April 2018. (Published on June 7th, 2018)

Recent data trend

According to the consumption activity index estimated and published by the Bank of Japan, the consumption activity in Japan contracted by 0.4% quarter on quarter in the first three months of 2018. By type of consumption, we see that the consumption of durable goods was particularly weak in the January-March period, contracting by 3.6% quarter on quarter (QoQ). On the other hand, the consumption of services managed to expand by 0.4% QoQ, but it was not enough to compensate for the sharp declin...

To read more, please become a our Standard / Corporate subscriber.

Start a subscription with 30-days Free Trial

If you are already a JMA subscriber please

Brief overview

The Consumption Activity Index (CAI) is published by the Bank of Japan on a monthly and quarterly basis as a measure of short-term consumption activity of the households in the economy. The data is available in both nominal and real terms. The real CAI has three subcategories namely- Durable Goods Index, Non-durable Goods Index and Services Index. A variant of the Consumption Activity Index is “Consumption Activity Index Plus" that contains statistics on digital content delivery services that have been growing since the end of the last decade. Another variant Consumption Activity Index (adjusting travel balance) excludes the consumption by foreign visitors that cause an upsurge in total spending and does not reflect the true spending pattern of the Japanese consumers.

The supply and sales side statistics used by the CAI are the same as that used for Private Consumption in the National Accounts statistics. The correlation coefficient between two indicators is quite high too. So, it can be assumed that CAI will be similar to Private Consumption in the National Accounts. The CAI has shown that private consumption in Japan has enjoyed a moderate recovery and expansion after the Great Recession between 2008-2009, but since 2014, we observe a stagnation in the consumption activities.

For more information visit the official government page

Consumption Activity Index

Next Release Date: July 6th, 2018.

Suggested Pages

Number of visitors to Japan

In November 2017, the number of visitors to Japan was 2.38 million, a rise of 26.8% year on year (YoY). The inbound tourism to Japan experienced a significant slowdown through 2016 till early 2017, b

View Page

Industrial Production Japan

There is a large swing in the industrial production activity in Japan in the first two months of 2018. In January, the production shrunk by 6.6% month on month (MoM). The government agency (METI) res

View Page

Output Gap

Output Gap of the Japanese economy rose to 1.35% in July-September 2017 quarter according to the data released by the BoJ. It means that Japan's economic output in the quarter was 1.35% higher than i

View Page

Retail Sales Japan

The consumption activity in Japan slowed in the month of January 2018. Retail sales growth slowed to 1.6% year on year(YoY) in January, down from 3.6% YoY in December 2017. It is possible that the sl

View Page