Duty-free sales at department stores across Japan dropped 10.7 percent in March from a year earlier to 44.2 billion yen due to a stronger yen and falling consumer confidence on concerns over a global recession, an industry body said Friday.
The data marks the first monthly decline since March 2022 despite the number of inbound customers hitting a record high for the month. Spending per capita sank by 21.3 percent, according to the Japan Department Stores Association.
Overall sales at 179 stores slipped 2.8 percent to 495.3 billion yen, the second consecutive monthly fall, reflecting the drop in duty-free purchases and weaker spring product sales due to the unpredictable weather, it said.
"Uncertainty over the (economic) future is also affecting the wealthy in Japan," an association official said, referring to the drop in overall sales.
© KYODO
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HopeSpringsEternal
Interesting development, surely in part due to Yen strengthening, shoppers from China, Taiwan, South Korea, etc. are VERY sensitive to F/X, Yen now almost 10% stronger vs. US$ vs. year end.
リッチ
We need to get rid of duty free. The yen is weak. How much are we losing. Support Japan first not subsidize foreigners.