TOKYO, Jan 26 (News On Japan) - Duty-free sales in Japanese department stores soared to all-time high last year, even though tourism from China has not fully recovered.
A survey by the Japan Department Stores Association, covering 72 companies nationwide, reported total sales of 5.4211 trillion yen. This marked a 9.2% increase from the previous year, indicating three consecutive years of growth.
However, despite this upward trend, the total still fell short by over 330 billion yen compared to pre-COVID-19 levels in 2019. This shortfall was partly due to store closures and floor space reductions in regional areas.
Meanwhile, the annual duty-free sales hit a record high of 348.4 billion yen. Although the number of tourists from mainland China has not fully recovered, there was a notable increase in spending by visitors from South Korea, Taiwan, Europe, and North America, influenced by the depreciating yen.
The Department Stores Association views this year's outlook optimistically, anticipating continued robust consumption both domestically and internationally.
This surge in duty-free sales highlights the resilience of Japan's retail sector, particularly in adapting to global economic shifts such as currency fluctuations and the pandemic's impact. The increase in international tourist expenditure underlines the vital role of tourism in Japan's economic landscape.
by Source: ANN
