Japan's household spending plunged 16.2 percent from a year earlier in May 2020, following an 11.1 percent fall in the previous month and compared to expectations of a 12.2 percent drop. It was the eighth consecutive decline and the sharpest fall on record, as consumers continued to cut purchases sharply in response to the pandemic. Expenditures declined steeply for clothing & footwear (-38.3 percent vs -55.4 percent in April), culture & recreation (-37.9 percent vs -33.9 percent), medical care (-7 percent vs -2.8 percent), and food (-5.4 percent vs -6.6 percent). Meanwhile, spending fell sharply for housing (-26 percent) following a 9 percent increase in the previous month, and also fell for utilities (-5.9 percent vs +7.4 percent). On a monthly basis, household spending edged down 0.1 percent after decreasing 6.2 percent in the previous period and compared to market expectations of a 1.8 percent increase.
Household Spending in Japan averaged -0.77 percent from 2001 until 2020, reaching an all time high of 9.50 percent in September of 2019 and a record low of -16.20 percent in May of 2020. This page provides the latest reported value for - Japan Household Spending - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Japan Household Spending - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Ministry of Internal Affairs & Communications
Household Spending in Japan is expected to be -3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Household Spending in Japan to stand at 3.00 in 12 months time. In the long-term, the Japan Household Spending is projected to trend around 2.00 percent in 2021, according to our econometric models.