Last month, department store sales increased by 23% compared to the same month last year.
Sales of department stores nationwide last month were about 23% higher than the same month last year due to higher sales of high-priced items such as jewelry. This was due to the last-minute demand before the consumption tax rate was raised.
According to the Japan Department Store Association, sales of department stores nationwide last month were over 515.3 billion yen.
Comparing stores that are still in business, it was 23.1% higher than last month.
This was due to rush demand before the consumption tax hike, due to an increase in the sale of high-priced items such as fine arts, jewelry, and luxury brand products in late last month.
Last time, when the tax was raised five years ago, sales in the previous month increased 25.4%, and this time, the rate of increase was similar.
On the other hand, sales from the beginning of this month are about 20% lower than the same period last year due to the reaction to last-minute demand and the effect of suspension due to typhoons.
The Japan Department Store Association says, “With the overall pace of consumption falling, there is a view that it will take at least three to four months to return to the normal pace, and that it will take about a year.”
On the other hand, according to the Japan Franchise Association, sales of convenience stores nationwide last month fell 1.1% from the same month last year.
Last September, there was a last-minute demand in front of the tobacco tax increase, so it turned out to be negative.