Japan s wage growth has slowed to levels last seen in the aftermath of the 2008 financial crisis as companies have taken a hit from the coronavirus pandemic.
Some economists estimate that the pandemic has forced Japanese households to save about ¥13 trillion ($118 billion), or roughly 4% of Japan's annual consumption.
Japanese consumers splurge on home appliances
Japanese consumers drove sales of home electrical appliances to the highest level in 25 years for the month of April. More people are staying home during the coronavirus pandemic, and they re buying up big on creature comforts.
The Japan Electrical Manufacturers Association reports domestic shipments for April were worth 204 billion yen, or nearly 1.9 billion dollars.
That s up 18.8 percent in yen terms from a year earlier, marking a year-on-year increase for the seventh straight month.
Air conditioner sales increased 31.6 percent. Refrigerators were up 16.9 percent, and washing machines 5.6 percent.
Some of the biggest gains relate to hygiene products like air purifiers and dehumidifiers.
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Domestic shipments of home appliances in fiscal 2020 hit their highest level in 24 years. | KYODO
Kyodo Apr 20, 2021
Domestic shipments of home appliances in Japan hit their highest level in 24 years in fiscal 2020, boosted partly by robust demand for air cleaners as people stayed at home due to the coronavirus pandemic, an industry body said Tuesday.
Shipments in the year that ended in March rose for the first time in two years to ¥2.61 trillion ($24 billion), up 6.5% from the previous business year, according to the Japan Electrical Manufacturers’ Association.