January 31, 2020

Retail Sales Japan

Private consumption extends its recovery from tax-hike sales slump.

Published monthly by the Ministry of Economy, Trade, and Industry. Updated till the month of December 2019 (published on January 31st, 2020)

Recent data trend

In December 2019, retail sales managed to extend the recovery, but only growing by 0.2% month on month (MoM) after a seasonal adjustment. Retails sales in Japan suffered a large slump in October, 14.2% MoM, when the sales tax was raised from 8% to 10%. By product, we see that motor vehicle sales have already recovered to the pre-sales tax hike level. Electronic consumers durables still seem to be suffering from the post-tax-hike slump. In our view, the damage to the consumer sentiment from th...

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Brief overview of “Retail sales”

“Retail sales” is published as a part of “Current survey of commerce”, a survey published monthly by the Ministry of Economy, Trade and Industry. It is a comprehensive survey on retail activities in Japan and it correlates well to the overall private consumption trend in Japan. According to the statistics, retail sales totaled in 137.6 trillion yen in Japan in 2012. By type of retail stores, food and beverage accounts for 32.0% of the total, followed by motor vehicles (12.1%), fuels (9.8%) and general merchandise (9.2%). Comparative figures in the U.S. retail sales in 2012 were 14.5% for food and beverage, 20.3% for motor vehicles, 12.7% for gasoline station and 15.1% for general merchandise. Retail sales in Japan peaked in 1997 at 146.3 trillion yen before it started a sharp decline to 132.3 trillion yen in 2003. It was a period of time when Japan faced the first nationwide financial crisis since WWII. Since 2003, retail sales seems to be on a moderate recovery path with a brief setback in 2010 amid the great global recession


For more information, visit the official government page

The Next Release Date:  February 14th, 2020 (Final December data)

                                      February 28th, 2020 (Preliminary January data)








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