Weak Japan Jewelry Sales Mark Three-Year Decline

Three years of continued decline in jewelry sales, Japan photo: Guwashi

Jewelry sales at Japan's department stores fell in February, compared to a year earlier, on a same-store basis. Sales of artwork, jewelry and precious metals dropped 3.5 percent. The year-over-year decline is surprising, as February 2009 was a notably weak sales period for retailers in the height of the global financial crisis.

The decline marks the 36th consecutive monthly decline in the sales category, according to data released by the Japan Department Stores Association.

Department store sales fell in February 5.4 percent to 436.4 billion yen ($4.82 billion), the 24th consecutive monthly decline. Revenue fell 7.1 percent in February for department stores open for less than a year

Sales of imported goods and jewelry have improved, according to the association, thanks to the government's economic stimulus measures, which stabilized stock prices and improved corporate profits.

The drop in sales was somewhat limited, due to a sharp rise in purchases by foreign visitors, including tourists from China that traveled to Japan during the lunar New Year holidays. Sales to tourists rose 120.5 percent at 41 of the outlets surveyed, the association said.

Clothing sales fared the worst decline, falling 6.7 percent, while food sales had the smallest decline, falling 3.4 percent.