| Consensus | Consensus Range | Actual | Previous | Revised | |
|---|---|---|---|---|---|
| Month over Month | 0.5% | -1.4% to 0.7% | -0.7% | 1.8% | 1.9% |
| Year over Year | 2.8% | 2.3% to 4.8% | 3.7% | 2.8% |
Highlights
Japanese retail sales rose 3.7% on year in December (vs. consensus +2.8%) after picking up further to a 2.8% increase in November from a 1.3% rise in October as the cold snap boosted demand for winter clothing, heaters and other appliances. Higher gasoline prices pushed up fuel sales while department store sales remain solid, although high costs for necessities are keeping households wary of spending beyond necessities.
On the month, retail sales fell 0.7% after surging a revised 1.9% in November, coming in weaker than the median economist forecast of a 0.5% gain.
The Ministry of Economy, Trade and Industry maintained its assessment, saying retail sales are"taking one step forward and one step back." Previously, it had said sales were"on an uptrend."
On the month, retail sales fell 0.7% after surging a revised 1.9% in November, coming in weaker than the median economist forecast of a 0.5% gain.
The Ministry of Economy, Trade and Industry maintained its assessment, saying retail sales are"taking one step forward and one step back." Previously, it had said sales were"on an uptrend."
Market Consensus Before Announcement
Japanese retail sales are forecast to have risen 2.8% on year in December after picking up further to a 2.8% increase in November from a 1.3% rise in October as the cold snap propped up demand for winter clothing. Higher gasoline prices pushed up fuel sales while department store sales remain solid, although high costs for necessities are keeping households wary of spending beyond necessities.
On the month, retail sales are expected to post a 0.5% rise after surging a revised 1.9% in November.
Last month the Ministry of Economy, Trade and Industry maintained its assessment after downgrading it for the October data, saying retail sales are"taking one step forward and one step back." Previously, it had said sales were"on an uptrend."
On the month, retail sales are expected to post a 0.5% rise after surging a revised 1.9% in November.
Last month the Ministry of Economy, Trade and Industry maintained its assessment after downgrading it for the October data, saying retail sales are"taking one step forward and one step back." Previously, it had said sales were"on an uptrend."
Definition
Retail Sales measure the total receipts at stores that sell durable and nondurable goods. The data are part of the Preliminary Report on the Current Survey of Commerce.
Description
Another way to look at consumer spending in addition to the household spending survey is through the retail sales report. This report gives the total value of goods and services sold each month at retail outlets. The preferred number is the change from the previous year. The report serves as a direct gauge of consumption and consumer confidence. Consumer spending is one of the most important leading indicators for the Japanese economy. Increasing sales signal consumer confidence and economic growth, but higher consumption also leads to inflationary pressures.
