Japan Retail Sales Growth Beats Forecasts

Retail sales in Japan rose by 2.8% year-on-year in August 2024, above market expectations of 2.3% and slightly faster than an upwardly revised 2.7% rise in the previous month.

It was the 29th straight month of increase in retail turnover, with rising wages continuing to support consumption.

Sales growth was robust for textile, clothing, and personal goods (11.3%), and miscellaneous (6.1%).

Also, there were rises in sales of machinery & equipment (4.0%), pharmaceutical & cosmetics (2.7%), miscellaneous goods - department stores, etc (2.6%), food and beverages (2.2%), automobiles (1.7%), and non-store retailers (1.0%).

By contrast, sales of fuel declined by 1.4%.

On a monthly basis, retail sales increased 0.8%, the most in three months, after a 0.2% gain in July.