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Japan, decrease in consumption for the eleventh consecutive month (-6.9%)
The coronavirus continues to weigh heavily on consumption in Japan, which has fallen for the eleventh consecutive month. According to data from the Ministry of the Interior, in August spending by households made up of at least two people fell by 6.9%, compared to -7.6% in July: in June it had registered -1.2%. The sectors that have suffered the most from the restrictions caused by the health emergency are tourism and transport, with a fall in the sale of air tickets and rail services by 96% and 79% respectively. Spending on video games clearly improved (+ 79.5%), a consequence of the longer time at home, which is compared with the decrease in attendance at playgrounds (-73%) and visits to cinemas and theaters (-75%). Spending on restaurants was cut by more than half, in line with the authorities’ recommendations to limit non-essential spending, and despite the fact that the Tokyo government never imposed a blockade on the European model. Separate figures show a 1.4% drop in wages in August for the sixth consecutive month. Consumer spending contributes to more than half of Japan’s gross domestic product, which decreased 7.9% in the April-June quarter.
