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Japan household spending down 1.8% in May

Spending on dining out was down 1.9 percent, marking the first drop in 17 months. (AFP)
Spending on dining out was down 1.9 percent, marking the first drop in 17 months. (AFP)
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05 Jul 2024 03:07:47 GMT9
05 Jul 2024 03:07:47 GMT9

TOKYO: Spending by households with two or more members in Japan averaged 290,328 yen in May, falling 1.8 percent from a year before in inflation-adjusted real terms, internal affairs ministry data showed Friday.

Spending on food dropped 3.1 percent as purchases of vegetables and seaweed fell due to rising prices amid poor crop. Prepared food spending also decreased.

Spending on dining out was down 1.9 percent, marking the first drop in 17 months. Postpandemic demand is believed to have run its course.

The yen’s depreciation reduced spending on overseas package tours by 53.8 percent. Accommodation fee payments plunged 20.9 percent after surging a year before thanks to the Japanese government’s tourism promotion campaign.

Automobile-related spending jumped 14.6 percent, led by increased purchases of used vehicles.

Expenditures on gift money surged 19.3 percent. The rise likely reflected an increase in guests to weddings after the end of the pandemic.

JIJI Press

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