Japan Retail Sales Jump 5.3% in May as Wages and Subsidies Lift Spending
Updated
Updated · The Japan Times · Jun 29
Japan Retail Sales Jump 5.3% in May as Wages and Subsidies Lift Spending
2 articles · Updated · The Japan Times · Jun 29
Summary
Japan's retail sales rose 1.9% in May from April and 5.3% from a year earlier, extending gains to a third month and beating economists' 3% annual forecast.
Strong wage growth and government cost-of-living subsidies helped drive the increase, though the ministry's figures are not adjusted for inflation.
Vehicles, pharmaceuticals and cosmetics led the broad advance, while sales of air conditioners and other seasonal appliances nearly doubled as buyers rushed ahead of tighter efficiency rules.
Department store sales also climbed strongly, echoing separate data showing duty-free sales rose 16.7% in May as tourist spending stayed robust.