Japan Consumer Confidence May 2020

Japan

Japan: Consumer confidence rises tentatively in May

May 29, 2020

The consumer confidence index rose to 24.0 in May from the 21.6 reading in April, which was the lowest reading since the index began in April 2004 and due to the negative economic effects of the coronavirus pandemic. The index measures consumer expectations about the economy for the next six months—a reading above the 50.0-threshold suggests consumers are optimistic, whereas a reading below the threshold points to pessimism.

Consumers were more positive about all aspects of their economic lives in May, with perceptions of income growth, employment, willingness to buy durable goods and overall livelihoods all improving. Separately, the percentage of consumers who expected prices to increase one year in the future rose to 72.3% in May from 70.7% in April.

FocusEconomics Consensus Forecast panelists project private consumption to contract 4.2% in 2020, which is down 1.8 percentage points from last month’s forecast. In 2021, the panel sees private consumption growing 2.2%.


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Japan Consumer Confidence May 20 20

Note: Consumer Confidence Index (seasonally adjusted series). A reading above the 50.0-threshold suggests consumers are optimistic about the economy, whereas a reading below the threshold points to pessimism.
Source: Cabinet Office (CO).


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