HTI日本消费行业6月跟踪报告：通胀再次升温，入境游拉动可选消费

Group 1: Retail Sales Performance - In May, Japan's retail sales for pharmaceuticals and bathing products reached approximately 1,467 billion yen, showing a year-on-year increase of 4.9% [1] - Matsukiyo Cocokara reported a year-on-year same-store sales increase of 2.3% in June, with customer traffic down by 0.1% and average transaction value up by 2.4% [1] - Welcia's same-store sales in June also showed a year-on-year increase of 2.4%, with customer traffic up by 1.7% and average transaction value up by 0.7% [4] Group 2: Beverage and Alcohol Sales - In May, the average expenditure on soft drinks for households of two or more was approximately 5,824 yen, reflecting a year-on-year increase of 3.0%, while the soft drink CPI rose by 3.8% [4] - In June, major soft drink brands like Suntory, Asahi, and Kirin experienced a 5% decline in sales, while Coca-Cola saw a 1% increase [4] - The average expenditure on alcoholic beverages for households of two or more in May was about 3,603 yen, down 6.8% year-on-year, with the alcohol CPI increasing by 1.7% [4] Group 3: Food and Grocery Expenditure - In May, average household expenditure on meat products, dairy products, seasonings, and prepared foods remained flat or showed slight increases, with CPI changes of +2.1%, +4.6%, +3.8%, and +4.2% respectively [4] - The overall food price increase has suppressed household consumption, leading to a negative growth trend in actual spending across various food categories [4] Group 4: Dining and Restaurant Sector - In May, the average expenditure on dining out for households of two or more was approximately 14,534 yen, with a year-on-year increase of 1.0% and a dining CPI increase of 2.8% [14] - Major restaurant chains reported significant same-store sales growth in June, with companies like Sally's and Toridoll seeing increases of 31.9% and 17.7% respectively, attributed to more holiday days and increased tourist numbers [14] Group 5: Clothing and Department Store Sales - In May, average household expenditure on clothing was about 10,028 yen, reflecting a year-on-year increase of 1.8%, with clothing CPI at +2.1% [16] - Department store sales in Japan grew by 14.4% year-on-year in May, continuing a steady growth trend since March 2022, with flagship stores performing significantly better than others [21] Group 6: Tourism and Entertainment - In June, the number of inbound tourists to Japan reached 3.14 million, a record high, with total foreign tourist spending expected to reach 8 trillion yen (approximately 500 billion USD) for the year [29] - Average household expenditure on entertainment services in May was 16,868 yen, down 0.8% year-on-year, while the entertainment service CPI increased by 6.6% [29]