Japan Retail Sales Grow Less than Expected

Retail sales in Japan rose by 1.6% year-on-year in October 2024, up from a revised 0.7% gain in September.

However, this was below market expectations of a 2.2% increase.

Despite the miss, October marked the 31st consecutive month of retail sales growth.

Sales surged in categories such as automobiles (7.8%), machinery & equipment (4.8%), non-store retailers (4%), fuel (3.1%), and pharmaceuticals & cosmetics (1.8%).

Conversely, sales declined in department stores (-3.9%), textiles, clothing & personal goods (-1.9%), and food & beverage (-0.3%).

On a monthly basis, retail sales grew by 0.1% in October, a rebound from the 2.3% decline in September.