Digitization Key to a Japanese Consumer Spending Spree

TOKYO/NEW YORK — Japanese household consumption is likely to be boosted by a spending spree before too long, as the government introduced cash handouts after the pandemic hit the economy. But in the meantime, statistics show that Japan’s consumption has plunged the most among advanced economies.

Monthly retail sales in most advanced economies are higher than they were before the pandemic. But in Japan they are still below pre-pandemic levels and household savings and cash are now at a record high. To induce people to spend more of these hoards, efforts to further digitize the economy will be essential.

In the April to June quarter, annualized household expenditures in Japan totaled 266 trillion yen ($2.5 trillion), down 9% versus the previous quarter. Monthly retail sales in July were 3% lower than in June. Read more…..


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