Japan’s department stores enjoy healthy sales figures
Total sales between the January-June period climbed 2.3% on a year on year basis to ¥3.2 trillion
Department stores across Japan enjoyed increased sales for a wide variety of goods for the January-June period, with total sales up 2.3% on a year on year basis to ¥3.2 trillion, according to the Japan Department Stores Association.
It was the second year of higher sales and the largest increase since the 3.6% rise seen in 1996. Expensive items saw particularly high sales against the backdrop of improved consumer confidence.
“Consumption has been growing for more expensive products, as consumers seek a sense of luxury,” said the association. Last year’s sales increase was attributed mostly to rebound demand after the earthquake in east Japan.
According to the association, shopping by high income earners appeared to increase in step with the improved performance of financial markets. However, a more widespread sense of optimism about the government’s economic policies was also a contributing factor.