Tuesday, May 12, 2026
0830 JST (2350 GMT/1930 EDT Monday, May 11) The Ministry of Internal Affairs and Communications releases the February average household spending.
Mace News median forecasts: -1.7% y/y (range: -4.3% to +1.6%) vs. Feb -1.8%; 0.0% m/m (range: -1.4% to +0.5%) vs. Feb +1.5%
By Chikafumi Hodo
TOKYO (MaceNews) – Japan’s real household spending is seen falling for a fourth straight month on the year in March, as higher energy prices and uncertainty over future supplies amid persistent Middle East tensions weighed on consumer spending behavior.
Spending by households with two or more persons is forecast to fall 1.7% on the year in March, following a 1.8% decline in February. In February, transportation and communication spending, including automobile-related expenses, dropped 5.9% in real terms, while food spending, including fish and seafood as well as oils and seasonings, fell 0.5%.
Household spending in March is seen dragged down by a decline in supermarket sales after an increase in February. New passenger car registrations are also expected to fall, although the pace of decline is likely to moderate from the previous month.
Spending on both goods and services, based on credit card usage data, is also seen decreasing in March, although department store sales, convenience store sales and overall retail sales data showed some improvement.
Reflecting these trends, household spending on a month-on-month basis is expected to be flat in March after rising 1.5% in February.