Japan Retail Sales

Retail sales in Japan rose by 0.3% year-on-year in July 2025, slowing sharply from a downwardly revised 1.9% gain in the previous month and falling well short of market expectations for a 1.8% increase. This marked the 41st consecutive annual rise, but it was the slowest pace since February 2022, when sales declined by 0.9%, as inflation and sluggish wage gains eroded consumer purchasing power. Growth was recorded in clothing and personal goods (8.0%), pharmaceuticals and cosmetics (3.9%), other retail sales (2.6%), and food and beverages (1.5%). In contrast, sales fell for department stores (-5.8%), fuel (-4.9%), non-store retailers (-4.0%), automobiles (-2.6%), and machinery and equipment (-0.4%). On a monthly basis, retail sales dropped by 1.6% in July, reversing a downwardly revised 0.9% increase in June and marking the steepest monthly decline since August 2021. source: Ministry of Economy Trade & Industry (METI)2025年7月日本零售销售额同比增长0.3%，较上月经向下修正后的1.9%同比增幅大幅放缓，且远低于市场预期的1.8%增速。本次增长已是连续第41个年度同比增长，但增速为2022年2月以来最低，彼时销售额曾下滑0.9%，因通胀与薪资增长疲软侵蚀了消费者购买力。服装及个人用品、医药及化妆品、其他零售品类以及食品饮料类均实现增长，增速分别为8.0%、3.9%、2.6%和1.5%；与之形成对比的是，百货商店、燃油、无店铺零售、汽车以及机械装备类销售额出现下滑，降幅分别为5.8%、4.9%、4.0%、2.6%和0.4%。环比层面，7月零售销售额环比下降1.6%，扭转了上月经向下修正后的0.9%环比增幅，为2021年8月以来最大单月降幅。数据来源：经济产业省（Ministry of Economy, Trade and Industry, METI）