The November Consumer Confidence Index, which indicates consumers' willingness to shop, has deteriorated for three consecutive months due to the effects of successive price increases.
The Cabinet Office has downgraded its assessment of consumer sentiment to "weakening."
The "Consumer Confidence Index" is a survey of 8,400 households across the country, asking them how their lifestyles will change over the next six months, whether it will be time to buy cars and home appliances, etc. .
In a November survey, the index for households with two or more people was 28.6, down 1.3 percentage points from October and falling for the third straight month.
The Cabinet Office has analyzed that the reason for this is that the desire to replace home appliances and other products has declined due to successive price increases for daily necessities, and that the number of people infected with the new corona is on the rise.
For this reason, we have revised down our assessment of consumer sentiment to "weakening."
This is the second consecutive month of downward revisions, and the first time since October 2019 that the market is “weak.”
When asked about the outlook for prices one year from now, 64.1% of households answered that prices would rise by 5% or more, the highest since April 2013, when comparisons are available.
The Cabinet Office said, ``Successive price increases, such as the consumer price index reaching a record high, have had a major impact on consumer willingness to buy, and this situation is expected to continue for the time being.'' .