In the field of GDP annual rate minus 6.3% consumption

GDP annual rate minus 6.3% At the site of consumption February 17 18:26

From October to December last year, GDP = Gross Domestic Product was -1.6% compared to the previous three months and -6.3% in annualized rate. Private consumption declined due to the increase in the consumption tax rate and turned negative for the first time in five quarters, and the negative margin was the first in five and a half years since immediately after the previous tax increase.

Department stores continue to face severe conditions

At department stores, sales fell after the consumption tax rate was raised in October last year, and from late last month, the spread of the new coronavirus has reduced the number of foreign visitors, especially in China. it is continuing.

At the Ginza department store in Tokyo, sales from October to December last year decreased 7% compared to the same period of the previous year.

This was mainly due to a drop in sales of jewelry and watches and other high-priced products following the last-minute demand after the consumption tax hike, and the impact of the typhoon forced to close and shorten business hours. Factor. Sales were on a recovery trend, but the effects of the spread of the new coronavirus have been overshadowed since late last month.

Chinese tourists who visited the store during the period coincided with the period of the consecutive holidays during the spring festival, when the department store was sewn down, compared to last year. Even now, there is no regular bustling cosmetics department. Sales by foreign customers in the first half of this month fell almost half in the same period last year.

At this department store, sales of winter clothing have been pushing down sales due to the effects of the warm winter, but we are now focusing on selling spring products that are starting to sell.

"We felt that the impact of the consumption tax hike had diminished in the latter half of December, but the effects of the new coronavirus began to appear in the latter half of January. I just hope it will converge quickly in a situation that doesn't stand. "

For a house maker

After the consumption tax hike, homemakers, synonymous with high spending, have seen a significant drop in customer numbers.

Housemakers headquartered in Sendai sell homes in the Tohoku and North Kanto regions, but after the consumption tax rate was raised in October last year, the number of visitors to the exhibition hall was lower than before the tax rate was raised. About 20% less and sales are also declining.

In line with the consumption tax hike, the company has appealed to customers that the mortgage tax cut was expanded and the tax cut was extended, but the effect was limited. For this reason, in order to dig up demand, we started selling homes from last month with a sales area of ​​less than 10 million yen by reducing the area.

Mr. Hideki Masaki, president of house maker `` J-Wood, '' said, `` Although there have been signs of recovery in the number of visitors since last month, it has not yet returned to the level before the tax increase and it is unpredictable. '' Was.

Jewelry industry

GDP = During the period from October to December last year when gross domestic product turned negative, sales in the jewelry industry in Yamanashi Prefecture, which has the highest shipment value in Japan, have fallen and new concerns have emerged.

Manufacturers of jewelry such as rings and necklaces in Kofu City say that from October to December, sales to department stores and specialty stores are the fastest during the Christmas and New Year holiday season. However, from October to December of last year, shipments fell about 10% compared to the same period of the previous year, so we believe that the increase in the consumption tax rate has caused retailers to narrow orders.

Another emerging concern now is the impact of the new coronavirus, which spreads mainly in China. With domestic sales stagnant, the jewelry industry in Yamanashi Prefecture is aiming to expand sales channels to China. However, the planned trade show in Hong Kong was postponed to May next month, and restrictions on the movement of Chinese buyers to buy goods will make it difficult to visit Japan, which will inevitably affect sales. I'm looking at you.

According to Yumi Tanaka, president of jewelry maker Yamaho, "The consumption tax hike has clearly been affected since last October in the Christmas market. Orders have not recovered since then, covering the decline in domestic sales. Overseas sales, which we were expecting, are also uncertain due to the new coronavirus. "

Expert "consumer mind chilled"

Regarding this GDP, Jun Takeda Chief Economist at ITOCHU Research Institute said, "The consumption of food and services, which seemed to be less susceptible to the tax hike, fell more than expected. It should be considered that consumers' minds have been cooled by the deterioration of the external environment, including the impact of the tax increase, which is so small that it cannot be explained by itself. "

In addition, regarding GDP from January onward, "As the spread of the new coronavirus spreads, the Chinese economy stagnates, causing exports to fall. As a result, corporate performance and capital investment will stagnate, and eventually wage increases will be curbed. It is feared that the recovery of consumption will be delayed, and there is no undeniable possibility that GDP will be negative for the second consecutive quarter, and we must work hard for the hope that the spread of the new coronavirus will stop soon. "And analyzed.