HTI日本消费行业8月跟踪报告：实际工资继续增长，可选消费增速强劲

Macroeconomic Overview - Real wages in Japan continued to grow for the second consecutive month, with a 0.4% year-on-year increase in July, driven by spring wage negotiations and summer bonuses [2][4] - The consumer confidence index slightly decreased to 36.7 in August, with improvements in the willingness to purchase durable goods, while overall living conditions remained stable [2][4] - The Consumer Price Index (CPI) rose by 3.0% year-on-year in August, with core CPI increasing by 2.8% and the Core Consumer Price Index (CCPI) up by 2.0% [4][6] Industry Performance - Despite high base effects, consumer discretionary spending showed strong growth, with retail and dining benefiting from an additional holiday in August [6][16] - The demand for emergency food surged due to recent earthquakes and typhoons, impacting store operating days but still resulting in strong same-store sales growth for listed companies [6][7] - The retail sales of food and beverages in July were approximately 4,167 billion yen, showing a slight decline of 0.1% year-on-year, while convenience store sales showed mixed results [7][10] Consumer Discretionary Sector - Major restaurant chains reported significant same-store sales growth in August, with companies like Sally's and Skylark achieving year-on-year increases of 22.3% and 13.4% respectively [16][18] - The average spending on dining out for households increased by 7.3% year-on-year in July, indicating a recovery in consumer spending on dining experiences [16][18] - The duty-free sales from January to July exceeded the total for the entire year of 2013, highlighting a strong rebound in tourism-related spending [6][16] Consumer Staples Sector - The retail sales of essential goods, particularly emergency food items, saw a notable increase due to heightened demand from natural disasters [7][10] - The same-store sales for major retailers like Aeon and PPIH showed positive growth, with Aeon reporting a 5.8% increase in August [7][10] - The average spending on essential food items remained stable, with slight year-on-year increases in categories such as rice and beverages [10][12] Clothing and Apparel - The average spending on clothing for households decreased by 3.6% year-on-year in July, while same-store sales for major apparel brands like Uniqlo and ABC-MART showed strong growth [16][20] - Department stores reported a 5.5% increase in sales year-on-year in July, with luxury goods driving significant sales growth [20][21] - The performance of specialty stores like Muji and Nitori also improved, with same-store sales increasing by 12.8% and 7.8% respectively [20][21]