Consumption Activity Index

Real Consumption Activity Index dipped to 96.8 in April 2021 from 97.5 in March 2021.

Published monthly by the BoJ. Updated until the month of April 2021. (Published on June 8, 2021)

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 the two indicators is quite high too. So, it can be assumed that CAI will be similar to Private Consumption in the National Accounts.

Looking at the correlation coefficient of the growth rates of two indicators between 2004-2018, it was 0.9, which indicates a quite high positive correlation with each other. In 2016, the CAI increased by 0.0% and Private Consumption decreased by 0.3%. In 2017, the percentage was 1.1% for the CAI and 1.3% for Private Consumption. In 2018, the CAI increased by 0.9%, and Private Consumption increased by 0.0%.

For more information visit the official government page

Consumption Activity Quarterly Index

Next Release Date: July 7th, 2021.

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