Consumer Spending Sinks In First Half Of Jan.
New data shows that consumers in Japan shied away from spending on travel and dining in the first half of January as another state of emergency was declared due to the coronavirus.
Research firm Nowcast and credit card company JCB analyzed customer transactions for the first 15 days of January. Their consumption index dropped 18.5 percent compared to the same period last year.
Travel spending plunged 70.8 percent, dining fell 46.3 percent, and transportation sank 37.9 percent. Retail consumption trimmed 8.7 percent, while entertainment spending fell 32.9 percent.
The research firm says the service industry has been hit hard by the latest emergency declaration and the trend might continue.