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
- 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 in 2019 amounted to 147.8 trillion yen, up 0.8% year-on-year supported by steady wage growth and tourism boom
- For 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
- In fiscal 2018, total retail sales in Japan hit 146.6 trillion yen, with 1.2% growth from supermarkets and convenience stores
- 2017 retail sales totaled 145.2 trillion yen, flat growth due to consumption tax hike aftermath lingering effects
- Japan's 2016 retail sales were 144.8 trillion yen, down 0.5% impacted by weak inbound tourism initially
- Fiscal 2022 large-scale retail store sales reached 14.2 trillion yen, up 3.7%
- 2021 large-scale retail sales in Japan: 13.7 trillion yen, -1.2% YoY
- Japan's total retail sales reached 153.8 trillion yen in fiscal year 2023 preliminary, up 4.9% driven by wage increases and tourism rebound
- Fiscal 2015 retail sales: 142.9 trillion yen, +1.5% growth post-Abnomics stimulus
- 2014 total: 140.7 trillion yen, modest 0.9% rise amid consumption recovery
- Fiscal 2013 retail sales: 139.5 trillion yen, +1.1% post-tax hike prep
- 2020 annual: 143.5 trillion yen confirmed, -2.9% sharp drop
- Large-scale stores 2023: 14.8 trillion yen, +4.2%
Annual 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
- 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
- Apparel and accessories retail sales 2022: 8.7 trillion yen, +4.5% YoY driven by fast fashion and online shifts
- Food and beverage retail sales 2022: 45.2 trillion yen, 29.7% share, up 1.9% amid rising prices
- Electronics and appliance sales 2022: 6.4 trillion yen, surging 7.2% YoY with home tech demand
- Motor vehicle retail sales 2022: 18.9 trillion yen, 12.4% of total, flat YoY due to chip shortages
- Pharmacies and drugstores sales 2022: 5.1 trillion yen, +5.3% growth from health supplement trends
- Home centers and furniture sales 2022: 4.2 trillion yen, up 3.8% with DIY boom
- Drugstore sales 2023 annual: 5.6 trillion yen, +6.1% from OTC meds and cosmetics
- Machinery appliances 2021: 5.9 trillion yen, down 2.1% YoY supply constraints
- Fabric and apparel 2023 H1: 4.3 trillion yen, +3.9%
- General merchandise stores 2022: 7.1 trillion yen, 4.7% share up 2.2%
- Food retail excluding supermarkets 2022: 12.4 trillion yen, stable growth
- Auto sales retail value 2021: 17.8 trillion yen, -3.4% YoY chip crisis
- Furniture/home goods 2023: 4.5 trillion yen forecast up 4.0%
- Toys and hobbies 2022 annual: 1.2 trillion yen, +8.5% post-lockdown
- Watches/jewelry 2022: 1.8 trillion yen, luxury rebound +3.2%
- Sporting goods retail 2023: 0.9 trillion yen H1, Olympics lag but fitness trend
- Books/stationery 2022: 1.5 trillion yen, e-books impact -1.1%
- Liquor retail 2022: 2.1 trillion yen, +2.4% home consumption
- Building materials 2022: 3.9 trillion yen, construction boom +4.1%
Category 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
- 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
- Nationwide Retail Trade Volume Index September 2023: 104.5, up 1.2% MoM
- Forecast for 2024 retail sales growth: +2.5% as per METI projection, driven by wage hikes
- Household Retail Spending Index August 2023: 101.3 (2015=100), reflecting inflation pressures
- E-commerce Retail Sales Index July 2023: 118.4, +12% YoY growth rate
- Large Retail Store Sales Index June 2023: 103.7, stable amid seasonal adjustments
- Consumer Confidence Retail Sub-Index May 2023: 38.2 points, up from 37.1
- Retail Sales MoM Index February 2024: +0.8% (SA)
- Real Retail Sales Index (deflated) 2023 avg: 102.1 (2015=100)
- Tokyo Area Retail Index Jan 2024: 106.4, +3.1% YoY
- E-retail Penetration Rate 2023: 28.5% of total sales
- METI Retail Sales Outlook 2024: Index to 108.5 by year-end
- Consumer Spending on Retail (CPI component) Dec 2023: +2.7% YoY
- Chain Store Sales Index July 2023: 105.9
- Retail PMI Japan Aug 2023: 51.2 points, expansion
- Retail Sales Deflator Index 2023: 105.8 (2020=100), inflation effect
- Online Retail Sales Growth Index 2023 avg: +11.2% YoY
- Kansai Region Retail Index Dec 2023: 103.2, tourism boost
- Hokkaido Retail Sales Index Jan 2024: 101.5, winter gear
- 2025 Retail Sales Forecast Index: 110.2 projected
- Durable Goods Retail Index Q4 2023: 107.1, appliances lead
- Non-store Retail Index Feb 2024: 125.6 (2015=100), e-com surge
- Retail Inventories to Sales Ratio Dec 2023: 1.28 months, stable
Indices 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
- 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
- September 2023 retail sales: 1.32 trillion yen, +1.5% YoY, supported by back-to-school and autumn apparel sales
- August 2023: 1.29 trillion yen in retail sales, +3.2% YoY due to summer heat boosting beverage sales
- July 2023 retail sales: 1.27 trillion yen, +2.0% YoY, electronics sector led gains post-G7 summit
- June 2023: Japan's retail sales 1.25 trillion yen, +1.2% YoY, steady despite weak auto sales
- May 2023 retail sales: 1.23 trillion yen, +0.9% YoY, impacted by Golden Week holidays
- April 2023: 1.21 trillion yen, +1.1% YoY, cherry blossom season boosted confectionery
- March 2023 retail sales: 1.19 trillion yen, +2.3% YoY, fiscal year-end rush
- Japan's retail sales January 2024: 1.40 trillion yen, +2.5% YoY from New Year purchases
- February 2023 retail sales: 1.20 trillion yen, +1.4% YoY, Valentine's Day boost
- Gasoline station sales March 2023: 1.15 trillion yen portion of total, up due to price hikes
- Online retail sales December 2022: 0.58 trillion yen, 41% of total monthly
- Department stores April 2023: 0.28 trillion yen, seasonal dip
- Supermarkets May 2023: 1.05 trillion yen monthly, steady demand
- Convenience stores June 2023: 0.92 trillion yen, +2.5% MoM
- March 2024 retail sales: 1.22 trillion yen, +1.9% YoY
- January 2023: 1.36 trillion yen, +0.7% YoY slow start
- Motor vehicle retail Feb 2024: portion 1.45 trillion yen monthly est.
- Apparel sales July 2023: 0.65 trillion yen, summer collections
- Electronics retail Aug 2023: 0.48 trillion yen, back-to-school tech
- Food retail Sept 2023: 0.95 trillion yen supermkt share
- Home improvement retail Oct 2023: 0.32 trillion yen, seasonal
Monthly 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
- 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%
- September 2023 YoY growth 1.5%, textiles +2.8%, food stable at +1.0%
- August 2023 YoY: +3.2%, beverages +5.4% due to heatwave
- July 2023 retail YoY +2.0%, online sales +8.7%
- June 2023 YoY +1.2%, department stores -0.3%, supermarkets +2.1%
- May 2023 YoY +0.9%, motor vehicles +1.5%
- April 2023 YoY +1.1%, clothing +3.4%
- March 2023 YoY +2.3%, highest quarterly gain in year
- January 2024 YoY retail growth: 2.5%, non-store +6.8%
- February 2023 YoY: +1.4%, machinery +4.2%
- 2022 annual YoY: +4.2%, highest since 2018
- April 2022 YoY: +0.5%, slow reopening
- 2021 annual YoY: -1.8%, pandemic hit
- December 2022 YoY: +1.9%, holiday strength
- September 2022 YoY: +1.3%, steady recovery
- March 2022 YoY: +2.0%, fiscal end
- May 2024 YoY preview: est. +1.5%, inflation adjusted
- 2023 annual YoY: +4.9%, record post-2014
- November 2022 YoY: +1.0%, pre-holiday build
- October 2022 YoY: +2.6%, typhoon recovery
- July 2022 YoY: +0.8%, heatwave aid
- January 2022 YoY: -0.2%, Omicron wave
- June 2022 YoY: +0.4%, sluggish summer
YoY 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