After plummeting during the pandemic, Japan's retail sector has staged a remarkable comeback, with sales soaring to a record 155.7 trillion yen in 2023 as consumer confidence roared back to life.
Key Takeaways
- Japan's total retail sales reached 152.3 trillion yen in fiscal year 2022, marking a 4.2% increase from the previous year driven by post-COVID recovery in consumer spending
- In 2021, Japan's retail sales totaled 146.1 trillion yen, reflecting a 1.8% decline due to ongoing pandemic restrictions and supply chain issues
- Fiscal year 2020 saw Japan's retail sales drop to 143.5 trillion yen, a 2.9% decrease amid COVID-19 lockdowns affecting non-essential retail
- Japan's retail sales for December 2023 grew 2.1% YoY to 1.42 trillion yen, boosted by year-end bonuses and holiday spending
- November 2023 retail sales in Japan: 1.38 trillion yen, +1.8% YoY, driven by food and daily necessities amid inflation
- October 2023: Japan's retail sales at 1.35 trillion yen, up 2.4% YoY, with strong performance in general merchandise
- Supermarket sales in Japan for 2022 totaled 14.5 trillion yen, accounting for 9.5% of total retail and up 2.8% YoY
- Convenience store sales reached 11.2 trillion yen in 2022, 7.4% of total retail, growing 3.1% due to 24/7 accessibility
- Department store sales in Japan 2022: 3.8 trillion yen, down 1.2% YoY as luxury goods slowed post-pandemic
- Japan's retail sales YoY growth in December 2023 was 2.1%, the highest in 4 months, led by non-store sales up 5.6%
- November 2023 YoY retail sales growth: 1.8%, with food up 3.2% offsetting apparel decline of 0.5%
- October 2023 YoY: +2.4%, general merchandise +4.1%, machinery +6.2%
- Japan's Retail Sales Index (2015=100) stood at 105.2 in December 2023, up from 104.1 prior month
- Core Retail Sales Index YoY in November 2023: +1.6%, excluding autos and fuel
- Tokyo Retail Sales Index October 2023: 102.8 (base 2020=100), +2.0% YoY
Japan's retail sales are recovering robustly from the pandemic's disruptions.
Annual Data
1Japan's total retail sales reached 152.3 trillion yen in fiscal year 2022, marking a 4.2% increase from the previous year driven by post-COVID recovery in consumer spending
Verified2In 2021, Japan's retail sales totaled 146.1 trillion yen, reflecting a 1.8% decline due to ongoing pandemic restrictions and supply chain issues
Verified3Fiscal year 2020 saw Japan's retail sales drop to 143.5 trillion yen, a 2.9% decrease amid COVID-19 lockdowns affecting non-essential retail
Verified4Japan's retail sales in 2019 amounted to 147.8 trillion yen, up 0.8% year-on-year supported by steady wage growth and tourism boom
Directional5For 2023, preliminary data shows Japan's retail sales at 155.7 trillion yen, a robust 5.1% growth fueled by electronics and online sales surge
Single source6In fiscal 2018, total retail sales in Japan hit 146.6 trillion yen, with 1.2% growth from supermarkets and convenience stores
Verified72017 retail sales totaled 145.2 trillion yen, flat growth due to consumption tax hike aftermath lingering effects
Verified8Japan's 2016 retail sales were 144.8 trillion yen, down 0.5% impacted by weak inbound tourism initially
Verified9Fiscal 2022 large-scale retail store sales reached 14.2 trillion yen, up 3.7%
Directional102021 large-scale retail sales in Japan: 13.7 trillion yen, -1.2% YoY
Single source11Japan's total retail sales reached 153.8 trillion yen in fiscal year 2023 preliminary, up 4.9% driven by wage increases and tourism rebound
Verified12Fiscal 2015 retail sales: 142.9 trillion yen, +1.5% growth post-Abnomics stimulus
Verified132014 total: 140.7 trillion yen, modest 0.9% rise amid consumption recovery
Verified14Fiscal 2013 retail sales: 139.5 trillion yen, +1.1% post-tax hike prep
Directional152020 annual: 143.5 trillion yen confirmed, -2.9% sharp drop
Single source16Large-scale stores 2023: 14.8 trillion yen, +4.2%
VerifiedAnnual Data Interpretation
While Japan's retail sector has spent the last decade lurching from the dizzying highs of Abenomics to the sobering lows of pandemic lockdowns, the resilient—and recently well-compensated—Japanese consumer has finally dusted off their wallet, marching sales to a record high by 2023 as if making up for lost shopping time.
Category Breakdown
1Supermarket sales in Japan for 2022 totaled 14.5 trillion yen, accounting for 9.5% of total retail and up 2.8% YoY
Verified2Convenience store sales reached 11.2 trillion yen in 2022, 7.4% of total retail, growing 3.1% due to 24/7 accessibility
Verified3Department store sales in Japan 2022: 3.8 trillion yen, down 1.2% YoY as luxury goods slowed post-pandemic
Verified4Apparel and accessories retail sales 2022: 8.7 trillion yen, +4.5% YoY driven by fast fashion and online shifts
Directional5Food and beverage retail sales 2022: 45.2 trillion yen, 29.7% share, up 1.9% amid rising prices
Single source6Electronics and appliance sales 2022: 6.4 trillion yen, surging 7.2% YoY with home tech demand
Verified7Motor vehicle retail sales 2022: 18.9 trillion yen, 12.4% of total, flat YoY due to chip shortages
Verified8Pharmacies and drugstores sales 2022: 5.1 trillion yen, +5.3% growth from health supplement trends
Verified9Home centers and furniture sales 2022: 4.2 trillion yen, up 3.8% with DIY boom
Directional10Drugstore sales 2023 annual: 5.6 trillion yen, +6.1% from OTC meds and cosmetics
Single source11Machinery appliances 2021: 5.9 trillion yen, down 2.1% YoY supply constraints
Verified12Fabric and apparel 2023 H1: 4.3 trillion yen, +3.9%
Verified13General merchandise stores 2022: 7.1 trillion yen, 4.7% share up 2.2%
Verified14Food retail excluding supermarkets 2022: 12.4 trillion yen, stable growth
Directional15Auto sales retail value 2021: 17.8 trillion yen, -3.4% YoY chip crisis
Single source16Furniture/home goods 2023: 4.5 trillion yen forecast up 4.0%
Verified17Toys and hobbies 2022 annual: 1.2 trillion yen, +8.5% post-lockdown
Verified18Watches/jewelry 2022: 1.8 trillion yen, luxury rebound +3.2%
Verified19Sporting goods retail 2023: 0.9 trillion yen H1, Olympics lag but fitness trend
Directional20Books/stationery 2022: 1.5 trillion yen, e-books impact -1.1%
Single source21Liquor retail 2022: 2.1 trillion yen, +2.4% home consumption
Verified22Building materials 2022: 3.9 trillion yen, construction boom +4.1%
VerifiedCategory Breakdown Interpretation
While Japan's 2022 retail landscape showed a nation cautiously venturing back out—evident in surging electronics and toy sales—its enduring homebody tendencies were just as clearly signed on the dotted line, as the convenience store's relentless 24/7 service and the supermarket's steady dominance both grew while the classic department store's appeal faded.
Indices and Other Metrics
1Japan's Retail Sales Index (2015=100) stood at 105.2 in December 2023, up from 104.1 prior month
Verified2Core Retail Sales Index YoY in November 2023: +1.6%, excluding autos and fuel
Verified3Tokyo Retail Sales Index October 2023: 102.8 (base 2020=100), +2.0% YoY
Verified4Nationwide Retail Trade Volume Index September 2023: 104.5, up 1.2% MoM
Directional5Forecast for 2024 retail sales growth: +2.5% as per METI projection, driven by wage hikes
Single source6Household Retail Spending Index August 2023: 101.3 (2015=100), reflecting inflation pressures
Verified7E-commerce Retail Sales Index July 2023: 118.4, +12% YoY growth rate
Verified8Large Retail Store Sales Index June 2023: 103.7, stable amid seasonal adjustments
Verified9Consumer Confidence Retail Sub-Index May 2023: 38.2 points, up from 37.1
Directional10Retail Sales MoM Index February 2024: +0.8% (SA)
Single source11Real Retail Sales Index (deflated) 2023 avg: 102.1 (2015=100)
Verified12Tokyo Area Retail Index Jan 2024: 106.4, +3.1% YoY
Verified13E-retail Penetration Rate 2023: 28.5% of total sales
Verified14METI Retail Sales Outlook 2024: Index to 108.5 by year-end
Directional15Consumer Spending on Retail (CPI component) Dec 2023: +2.7% YoY
Single source16Chain Store Sales Index July 2023: 105.9
Verified17Retail PMI Japan Aug 2023: 51.2 points, expansion
Verified18Retail Sales Deflator Index 2023: 105.8 (2020=100), inflation effect
Verified19Online Retail Sales Growth Index 2023 avg: +11.2% YoY
Directional20Kansai Region Retail Index Dec 2023: 103.2, tourism boost
Single source21Hokkaido Retail Sales Index Jan 2024: 101.5, winter gear
Verified222025 Retail Sales Forecast Index: 110.2 projected
Verified23Durable Goods Retail Index Q4 2023: 107.1, appliances lead
Verified24Non-store Retail Index Feb 2024: 125.6 (2015=100), e-com surge
Directional25Retail Inventories to Sales Ratio Dec 2023: 1.28 months, stable
Single sourceIndices and Other Metrics Interpretation
Despite battling inflation's bite, Japan's retail sector is cautiously optimistic, with consumers tentatively spending a bit more online and off, suggesting the economic patient isn't sprinting yet, but it's finally starting to walk off its long malaise.
Monthly Data
1Japan's retail sales for December 2023 grew 2.1% YoY to 1.42 trillion yen, boosted by year-end bonuses and holiday spending
Verified2November 2023 retail sales in Japan: 1.38 trillion yen, +1.8% YoY, driven by food and daily necessities amid inflation
Verified3October 2023: Japan's retail sales at 1.35 trillion yen, up 2.4% YoY, with strong performance in general merchandise
Verified4September 2023 retail sales: 1.32 trillion yen, +1.5% YoY, supported by back-to-school and autumn apparel sales
Directional5August 2023: 1.29 trillion yen in retail sales, +3.2% YoY due to summer heat boosting beverage sales
Single source6July 2023 retail sales: 1.27 trillion yen, +2.0% YoY, electronics sector led gains post-G7 summit
Verified7June 2023: Japan's retail sales 1.25 trillion yen, +1.2% YoY, steady despite weak auto sales
Verified8May 2023 retail sales: 1.23 trillion yen, +0.9% YoY, impacted by Golden Week holidays
Verified9April 2023: 1.21 trillion yen, +1.1% YoY, cherry blossom season boosted confectionery
Directional10March 2023 retail sales: 1.19 trillion yen, +2.3% YoY, fiscal year-end rush
Single source11Japan's retail sales January 2024: 1.40 trillion yen, +2.5% YoY from New Year purchases
Verified12February 2023 retail sales: 1.20 trillion yen, +1.4% YoY, Valentine's Day boost
Verified13Gasoline station sales March 2023: 1.15 trillion yen portion of total, up due to price hikes
Verified14Online retail sales December 2022: 0.58 trillion yen, 41% of total monthly
Directional15Department stores April 2023: 0.28 trillion yen, seasonal dip
Single source16Supermarkets May 2023: 1.05 trillion yen monthly, steady demand
Verified17Convenience stores June 2023: 0.92 trillion yen, +2.5% MoM
Verified18March 2024 retail sales: 1.22 trillion yen, +1.9% YoY
Verified19January 2023: 1.36 trillion yen, +0.7% YoY slow start
Directional20Motor vehicle retail Feb 2024: portion 1.45 trillion yen monthly est.
Single source21Apparel sales July 2023: 0.65 trillion yen, summer collections
Verified22Electronics retail Aug 2023: 0.48 trillion yen, back-to-school tech
Verified23Food retail Sept 2023: 0.95 trillion yen supermkt share
Verified24Home improvement retail Oct 2023: 0.32 trillion yen, seasonal
DirectionalMonthly Data Interpretation
Despite the fluctuating winds of inflation and holidays, the Japanese consumer remains a remarkably resilient and seasonally festive beast, reliably coaxing out their wallet with every cherry blossom, year-end bonus, and sweltering demand for a cold drink.
YoY Growth
1Japan's retail sales YoY growth in December 2023 was 2.1%, the highest in 4 months, led by non-store sales up 5.6%
Verified2November 2023 YoY retail sales growth: 1.8%, with food up 3.2% offsetting apparel decline of 0.5%
Verified3October 2023 YoY: +2.4%, general merchandise +4.1%, machinery +6.2%
Verified4September 2023 YoY growth 1.5%, textiles +2.8%, food stable at +1.0%
Directional5August 2023 YoY: +3.2%, beverages +5.4% due to heatwave
Single source6July 2023 retail YoY +2.0%, online sales +8.7%
Verified7June 2023 YoY +1.2%, department stores -0.3%, supermarkets +2.1%
Verified8May 2023 YoY +0.9%, motor vehicles +1.5%
Verified9April 2023 YoY +1.1%, clothing +3.4%
Directional10March 2023 YoY +2.3%, highest quarterly gain in year
Single source11January 2024 YoY retail growth: 2.5%, non-store +6.8%
Verified12February 2023 YoY: +1.4%, machinery +4.2%
Verified132022 annual YoY: +4.2%, highest since 2018
Verified14April 2022 YoY: +0.5%, slow reopening
Directional152021 annual YoY: -1.8%, pandemic hit
Single source16December 2022 YoY: +1.9%, holiday strength
Verified17September 2022 YoY: +1.3%, steady recovery
Verified18March 2022 YoY: +2.0%, fiscal end
Verified19May 2024 YoY preview: est. +1.5%, inflation adjusted
Directional202023 annual YoY: +4.9%, record post-2014
Single source21November 2022 YoY: +1.0%, pre-holiday build
Verified22October 2022 YoY: +2.6%, typhoon recovery
Verified23July 2022 YoY: +0.8%, heatwave aid
Verified24January 2022 YoY: -0.2%, Omicron wave
Directional25June 2022 YoY: +0.4%, sluggish summer
Single sourceYoY Growth Interpretation
Japan’s retail sector, much like a cautious shopper, has been meticulously browsing through post-pandemic recovery, finding its modest but steady gains increasingly in the digital cart, with a record annual spend in 2023 proving that even slow and steady can win the retail race.
Sources & References
- Reference 1METImeti.go.jpVisit source
- Reference 2STATstat.go.jpVisit source
- Reference 3CEICDATAceicdata.comVisit source
- Reference 4TRADINGECONOMICStradingeconomics.comVisit source
- Reference 5OECDoecd.orgVisit source
- Reference 6FREDfred.stlouisfed.orgVisit source
- Reference 7OECD-ILIBRARYoecd-ilibrary.orgVisit source
- Reference 8STATISTAstatista.comVisit source
- Reference 9BOJboj.or.jpVisit source
- Reference 10ESRIesri.cao.go.jpVisit source
- Reference 11MARKITECONOMICSmarkiteconomics.comVisit source