Japanese consumers seem to begin to shut their wallets after the enactment of the first sales tax increase in 17 years that makes goods and luxury equipment loss . An example is one of the big department stores are reporting a decrease in sales of up to 25 percent .
The sharp falls came after millions of shoppers in the store shopping berbegas the last minute before a national levy rose to eight per cent from five per cent on April 1 . The increase is triggered fears drop in consumer spending , in turn, is precisely derail economic recovery recently launched in Japan .
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Like many other retailers , department store Takashimaya has seen a huge spike in sales last month , with demand very fast for handbags and other luxury goods before the tax hike , which was considered essential to absorb the spiraling national debt of Japan.
On Wednesday , the department store sales were down by about a quarter admit the first week of April compared with the same period last year .
Other major department stores , including Mitsukoshi and Sogo has seen sales decline between 10 to 20 percent , while Bic Camera , electronics and appliance network in Japan’s biggest consumer , said demand is stronger than expected even though sales are still down about a fifth in some cases .
At Daiei supermarket chain , sales were down about eight percent compared to last year amid buyers who scooped shopping staples , including rice and toilet paper ahead of tax increase .
" Many customers have made provision for about one and a half or two months , jadipenurunan should not last more than that , " said a company official who did not disclosed his identity in Tokyo , Wednesday ( 10/4 ) .
Some department stores are less affected in precisely the tax by increasing the number of convenience stores , while the head of Uniqlo said no hasty shopping before the imposition of new taxes on cheap chic clothing retailer and no decrease after the hike .
Tax increase this month , not worn in places with much higher charges .
But not so in Japan , where the economy has long been locked in a deflationary spiral and consumers often pay almost the same price from year to year for a haircut , television , beer and sushi them .
The last time Japan launched a higher sales tax pada1997 , followed by years of deflation and tepid growth that define a prolonged slump in the country .
The recent rise has presented a major challenge for Prime Minister Shinzo Abe since he came to power in late 2012 at the chance to drag the world economy out of the third cycle of lower prices and tepid growth .