After lifting two years of on-and-off coronavirus curbs in March, the government was counting on what's known as "revenge spending", pent-up demand triggering a splurge that boosts consumption and a moribund economy, as has been seen in the United States, China and some other major economies.
TOKYO - Japanese mother of three Maiko Takahashi was never one to pinch pennies or accept hand-me-downs for her children even though circumstances for her single-income family have always been fairly modest.
After lifting two years of on-and-off coronavirus curbs in March, the government was counting on what's known as "revenge spending", pent-up demand triggering a splurge that boosts consumption and a moribund economy, as has been seen in the United States, China and some other major economies. Some bigger companies have answered a government call to raise wages but the gains of some 2% will be swallowed up by higher prices of everything from flour, to diapers and beer, economists say.
"The chance of a 'revenge spending' burst is becoming smaller than we had expected," a government official said in unusually candid remarks, noting that prospects were especially uncertain beyond the summer.With more than 90% of consumers saying in the latest government survey that they expected everyday goods to become more expensive over the next 12 months, economists say it is no surprise to see behavior like Takahashi's.
The "Golden Week" holiday, which began on Friday, is the first in three years without COVID-19 restrictions, and the economy should see a dramatic improvement in spending but that is likely to be the high point for consumption this year, said Daiwa Securities senior economist Toru Suehiro.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Major Japan railway now powered only by renewable energy | The Associated PressThat means the carbon dioxide emissions of Tokyu's sprawling network of seven train lines and one tram service now stand at zero, with green energy being used at all its stations, including for vending machines for drinks, security camera screens and lighting.
Baca lebih lajut »
Villar cites blossoming relationship between PH and JapanThe Japanese government’s conferment of The Grand Cordon of the Order of the Rising Sun on business tycoon Manuel B. Villar Jr. comes at a time when the relationship between Japan and the Philippines is blossoming.
Baca lebih lajut »
Experts: Inflation likely acceleratedHEADLINE inflation likely continued to accelerate in April on the back of higher food and energy prices, economists said.Projections for the month ranged from 4.5 to 4.7 percent...
Baca lebih lajut »
Major Japan railway now powered only by renewable energy | The Associated PressThat means the carbon dioxide emissions of Tokyu's sprawling network of seven train lines and one tram service now stand at zero, with green energy being used at all its stations, including for vending machines for drinks, security camera screens and lighting.
Baca lebih lajut »
NG budget deficit narrows in March - BusinessWorld OnlineThe National Government’s (NG) budget gap narrowed in March as revenue collection and spending grew by double digits, the Bureau of the Treasury (BTr) reported on Wednesday. READ:
Baca lebih lajut »
TRANSCRIPT: Miss Universe Philippines 2022 Q and A segmentThe top 5 candidates give their answers to questions about their insecurities, fears, and hopes. Which answer was your favorite? MUPH2022TheCoronation MissUniversePhilippines2022 UniquelyBeautiful
Baca lebih lajut »