Japan: 20.5% Drop in Jewelry Sales at Dept Stores

Department store sales in Japan sagged 11.3 percent in April, down for the 14th month in a row, according to the Japan Department Stores Association. Sales of jewelry, artwork and precious metals dropped 20.5 percent.

The continued year-over-year decline in consumer purchases is, however slowing, with the rate of decline narrowing by 1.8 percent compared to March. Fair weather reportedly helped attract customers, who spent ¥514.42 billion ($5.44 billion) at department stores.

The Japanese government started to handing out cash benefits in April, a move aimed at increasing consumer spending. The effects of the cash handouts will likely only be felt at department stores in major cities during May because it is taking large cities longer to hand out the cash to residents, the association said.