日本必需消费&可选消费：HTI日本消费行业4月跟踪报告：日元贬值加剧消费分化，关注出海龙头机会

Core Insights - The report highlights that the depreciation of the yen is exacerbating consumption divergence in Japan, with potential benefits for companies with significant overseas operations [1]. Group 1: Industry Overview - The Japanese food and beverage retail sales in March reached approximately 41,240 billion yen, showing a year-on-year increase of 4.6% [18]. - The retail sales of pharmaceuticals and personal care products in March were about 15,380 billion yen, with a year-on-year growth of 3.6% [18]. - The report indicates that over 2,800 food items in Japan experienced price increases in April due to factors such as yen depreciation and rising raw material costs [14]. Group 2: Essential Consumption - The average expenditure on soft drinks for households of two or more was approximately 5,279 yen in March, reflecting a year-on-year increase of 5.3% [5]. - The average expenditure on alcoholic beverages for similar households was about 3,572 yen in March, with a year-on-year increase of 1.7% [13]. - The report notes that discount stores are leading in growth within essential consumption, with PPIH's discount store division showing a same-store sales increase of 6.5% [18]. Group 3: Discretionary Consumption - The report states that hotel prices are rising due to increased inbound tourism, with the average daily rate (ADR) for hotels in March up 43.7% compared to the same month in 2019 [39]. - Department stores like Takashimaya and Isetan Mitsukoshi are experiencing steady growth, benefiting from high-end consumer spending driven by foreign tourists [17]. - The average expenditure on clothing for households of two or more is showing a positive trend, with retail sales in the textile and clothing sector increasing by 15% [36]. Group 4: Company Performance - Companies such as Fast Retailing are expected to benefit from rapid expansion in overseas markets and the impact of yen depreciation [56]. - Asahi Group is projected to gain from the expansion of its high-end beer business overseas and improvements in domestic beer product structures [56]. - The report emphasizes the strong performance of Pan Pacific International Holdings, driven by robust consumer spending from overseas tourists [56].