Japan Consumer Confidence May 2021


Japan: Consumer sentiment falls further in May

May 31, 2021

The consumer confidence survey fell to 34.1 in May, down from the 34.7 reading in April. As a result, the index remained below the 50-threshold, and indicated pessimism among consumers.

The overall deterioration reflected a broad-based fall in sentiment: Consumers became more pessimistic regarding overall livelihood, income growth and employment opportunities in the coming six months, although willingness to buy durable goods remained unchanged in May compared with the prior month’s survey.

FocusEconomics Consensus Forecast panelists project private consumption to expand 1.6% in 2021, which is down 0.2 percentage points from last month’s forecast, and grow 2.9% in 2022.

Author:, Economist

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Japan Consumer Confidence Chart

Japan Consumer Confidence May 2021 1

Note: Consumer Confidence Index (seasonally adjusted series). A reading above the 50-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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