"Revenge Spending" Lacking Vigor in Japan
Tokyo, Dec. 2 (Jiji Press)--Although consumption is picking up in Japan after the latest coronavirus state of emergency ended on Sept. 30, "revenge spending" is lacking vigor as people's values have changed during the COVID-19 crisis.
Recent economic statistics showed recovery trends, including department store sales in October. But consumers' revenge spending to satisfy suppressed appetite for buying has not flourished.
Some people are concerned about the possibility of the omicron coronavirus variant spreading in Japan.
According to a preliminary report released Tuesday by the Japan Tourism Agency, the total number of overnight stays by travelers stood at 32.9 million in the country in October, up by some 10 million from the previous month.
Still, the figure is about two-thirds the level in October 2019, before the coronavirus pandemic.
[Copyright The Jiji Press, Ltd.]