[Table_Title] 研究报告 Research Report 31 Oct 2025 日本必需消费可选消费 Japan Staples Discretionary 日本消费行业 9 月跟踪报告：刚需消费疲软，体验消费走强 Basic necessity demand remains sluggish, while experiential consumption gains momentum | 闻宏伟 Hongwei Wen | 芮雯 Raven Rui | Qiao Xu | 季屏子 Pingzi Ji | | --- | --- | --- | --- | | hongwei.wen@htisec.com | raven.w.rui@htisec.com | qiao.xu@htisec.com | pz.ji@htisec.com | [Table_summary] (Please see APPENDIX 1 for English summary) 宏观：食品通胀再次抬头，实际工资加速下滑。9 月日本消费者信心指数升至 35.3，创 2024 年 12 月以来新高，消 费者情绪持续改善。8 ...