Consumer Spending in Japan Drops 3.2%

May 10, 2024 | News On Japan

TOKYO - According to the Ministry of Internal Affairs and Communications' household survey, real consumer spending in households of two or more people fell by 3.2% in the 2023 fiscal year compared to the previous year. This marks the first decrease in three years, directly impacted by rising prices.

This decline follows the 5.1% decrease in 2014, influenced by the consumption tax increase, and a 4.9% reduction in 2020 due to the effects of COVID-19, making it the third largest decrease in recent years.

Factors such as a 1.9% decrease in food expenses indicate that higher prices have led to reduced purchasing among consumers.

In March, real incomes for working households also fell by 0.1%, marking 18 consecutive months of decline. The Ministry of Internal Affairs and Communications analyzes that wage increases have not kept pace with the rising cost of living.

Source: ANN

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