Japan Consumer Confidence Index

Japan’s consumer confidence for March rose to 36.1 from 33.9 in February 2021.

Note: Consumer confidence index was published quarterly before April.2004 and monthly data is available after April. 2004.

Published monthly by the Cabinet Office. Updated to the month of March 2021 (published on April 8th, 2021).

Brief Overview of "Consumer Confidence Index"

The Consumer Confidence Index, published by the Cabinet Office as a part of the "Consumer?confidence survey", aims to measure Japanese households' sentiment towards consumption activities. The index consists of four sub-categories: the overall standard of living, income growth, employment and willingness to buy durable goods. By construction, an index level above 50 implies that consumers expect the situation is improving. However, Japanese consumers seem to tend to think negatively about the future. The average index level between 1983-2019 was 42.1, in which case the index rarely rose above 50.

Since 2004, respondents are also asked for their price expectation. Price expectation is measured based on the ratio of households expecting prices to?go up, stay the same or go down. Japanese consumers tend to overestimate the likelihood of a rise in price. Between 2005-2019, on average 69.4% of households responded that they expect prices to increase. 19.0% of households expect the prices to remain constant, while only 6.5% responded that they expect the price to decrease. 43.9% expect prices to increase by more than 2%. In reality, the Japanese Consumer Price Index rose only by 0.36% per year on average between 2005-2019. 

The Next Release Date: April 30th, 2021.

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