The Consumer Confidence Index expresses the "propensity to consume" in the following month, as a percentage score given by respondents on HILL's independent survey panel. Respondents are asked to rate their propensity to consume (i.e. their desire to buy products or use services) in the following month, taking 100 as the maximum propensity to consume. We have conducted these surveys every month since April 1993.

• 2010
• 2009
• 2008
• 2007
• 2006
• 2005
• 2004
• 2003
• 2002

Propensity to consume
for December 2009
55.6 points

The Consumer Confidence Index for December jumped 4.9 points from November to 55.6 points, which was a 0.2-point gain over December of 2008. As is the case during a typical year, the highest score for 2009 was marked in December, but this was still the second lowest score for any December on record. As a result, the average score for all of 2009 was 50.8 points, the lowest in the history of this survey dating back to 1993 and 0.8-point lower than the previous record low annual average set last year. Consumer sentiment, albeit at a low level, started to recover in the second half of this year. However, the financial shocks of last year weighed heavily on sentiment during the first half.
Recently the economic recovery has started to lose momentum. In the Cabinet Office’s Economy Watchers Survey for November the DIs for current and future economic conditions were both lower for a second straight month and fell by the largest amounts on record. The Cabinet Office’s Consumer Confidence Index also worsened for the first time in 11 months. These indicators are good reflections of consumer anxiety about the economy. Consumers have become much more defensive in light of the severe employment / income environment coupled with concerns about deflation. Putting off purchases and searching for lower prices is still very common. It will be interesting to see the results for this survey next month as the New Year starts amid such uncertainty about the future.

The Consumer Confidence Index for men climbed 3.2 points from November to 48.6 points, which was down 1.7 points compared to December of last year. This was the lowest December score for men on record, falling below 50 points for the first time ever. The score for women surged 6.6 points from November to 62.6 points, recovering to a level on par with an average December. This score was also an increase of 2.1 points versus December 2008. This resulted in a 14-point difference in the scores for men and women, the largest spread on record. The December survey period overlapped with the government deflation declaration and the “Dubai shock”, which sent the yen sharply higher and stocks lower. The resulting anxiety about the future likely had a big impact on consumer sentiment among men. On the other hand, the propensity to spend among women was likely stimulated by special sales in which trading gains from a stronger yen were passed on to the consumer and an earlier-than-usual start to winter bargain sales. The average annual score for men was 45.9 points, the lowest on record, and the annual average score for women was 55.7 points, one of the lowest scores on record along with those for 2001 and 2008.

A simultaneous survey of lifestyle priorities showed that the propensity to spend on the three categories of “daily (minor) purchases”, “medium-sized purchases” and “major (expensive)” purchases all rose to their highest levels this year for both men and women. Winter bonuses were received this month and year-end events and shopping for the New Year holidays provided many opportunities to spend. Man men and women expressed a desire to spend more on “housework and household affairs”, probably because they were busy with the traditional year-end house cleaning and preparing for the New Years holidays.

Propensity to consume
for November 2009
50.7 points

The Consumer Confidence Index for November increased a modest 0.7 point from October to 50.7 points, which was a 1.1-point gain over November of last year and the first on-year rise in three months. However, the index remains at a low level and has moved back and forth over the past six months, rising on-year for three of these months and retreating for the other three. As such, there are no clear signs of a recovery in the propensity to spend.
Looking at macroeconomic indicators, the October Monthly Economic Report and the Cabinet Office's September Indexes of Business Conditions assessed the economic conditions as improving. On the other hand, the assessment of current and future economic conditions in the Economy Watchers Survey fell in October after rising in the previous month. This suggests that consumers are still unable to strongly feel these improvements in the economy. Many members of this survey's panel, both men and women, said that they were uncertain about the employment and earnings situations, and were remaining very cautious in their spending. Some members of the panel expressed a desire to break from their thrifty stance, but without any real improvements in income, this desire is not having much of an impact on the index. Against this backdrop it will be very interesting to see the score for December, which typically is the highest score for the year. It will also be interesting to see if the average for the full year will be the lowest on record.

The Consumer Confidence Index for men rose a mere 0.1 point from October to 45.4 points, a 0.6-point improvement over November of last year. This was the first on-year gain since June and only the second this year. The score for women was up 1.4 points from October at 56.0 points, a gain of 1.5 points versus November of last year. This was the first on-year gain in three months.

A simultaneous survey of lifestyle priorities showed that for men the propensity to spend on "daily (minor) purchases" remained at roughly the same levels as in October, but for women there were slight on-month improvements for this category. This was likely due to falling prices for food and daily necessities, and an increasing number of products that are both affordable and offer good quality. The scores for "major (expensive) purchases" remain relatively low, but inched up to their highest points this year for both men and women. There seems to be many people who are planning to purchase digital terrestrial TVs and heaters.

Propensity to consume
for October 2009
50.0 points

The Consumer Confidence Index for October rose 1.1 points from September to 50.0 points, but was down 1.4 points compared to October of last year and was the second lowest score for any October on record. With the scores for both September and October dropping to very low levels, there is now a good chance that the full-year average for 2009 will fall below last year's record low.

Various economic indicators like the Bank of Japan's Tankan report and the Cabinet Office's Indexes of Business Conditions and Economy Watchers Survey have recently used expressions such as "bottoming" and "recovering" to describe the economy. However, there are still no signs of any improvement in household incomes. Unemployment remains near record highs, despite a slight improvement in August, and total cash wages were lower on-year in August for a 15th straight month. There has not been any improvement in personal consumption due to retailer price-cutting strategies and a reluctance to spend. A survey conducted by the Institute of Labour Administration forecasts that winter bonuses this year will drop at the largest rate on record. It will be interesting to see how these factors influence this index, which during a typical year hits its highest score for the year in December. Trends will need to be closely monitored over the next two months.

The Consumer Confidence Index for men rose 0.8 point from September to 45.3 points, but this was down 1.1 points compared to October of last year and was on par with the score for 2001, the lowest score for any October on record. This was also the second straight month that the score for men was the lowest on record for that particular month. The score for women was up 1.3 points from September at 54.6 points, but this was down 1.8 points on year and the second worst score for any October on record. The scores for both men and women sunk to low levels in both September and October.

A simultaneous survey of lifestyle priorities showed that for men the propensity to spend on the three categories of "daily (minor) purchases", "medium-sized purchases" and "major (expensive) purchases" all remained at slightly low levels for a second straight month. For women there was a slight improvement from September for the propensity to spend on "daily (minor) purchases", but the scores for "medium-sized purchases" and "major (expensive) purchases were both down and at their lowest levels for the year. Both men and women cited "don't' have the money / financial leeway" as a reason for refraining from making medium-sized and major purchases. Men also cited "concerns about the future" and "reduced overtime pay /bonuses" as reasons for not spending and many women said they "just want to cut down on expenses" or "just want to save." In the Bank of Japan's Opinion Survey on the General Public's Views and Behavior, the percentage of respondents saying they had less leeway in their household circumstances increased for the first time in a year. Households are expected to continuing cutting back on their spending amid falling income levels.

Propensity to consume
for September 2009
48.9 points

The Consumer Confidence Index for September plunged 5.7 points from August to 48.9 points. The score was also down 1.2 points compared to September of last year and was the lowest score for any September on record. The index had been improving since May and managed to hold above 50 points, but again turned sluggish in September and returned to a level seen before April. This was also the sixth time this year that the score was the lowest all time for that particular month.

Employment conditions have continued to worsen with the unemployment rate for July rising to a record 5.7%. The Cabinet Office in its monthly report for September assessed economic conditions as "recovering" and its July composite index of coincident economic indicators rose for a fourth straight month due to the recovery in production. However, both of these reports mentioned the difficult employment situation. The Cabinet Office's Economy Watchers Survey also worsened in August for the first time in eight months. Retail, service and other sectors closely linked to household spending in particular fared poorly. July cash wages fell for a 14th straight month and consumption expenditure fell a real 2.0%. Amid these employment concerns and decreasing earnings, the desire to cut back on spending remains very strong and personal consumption may stay sluggish. This Consumer Confidence Index remained at a low level, but was experiencing a mild recovery since May. It will be interesting to watch the scores from October to December, when the highest scores for the year are usually reached, to see if there has been a change to the recent trend. It will also be important to monitor any changes in sentiment brought about by the new Hatoyama administration.

The Consumer Confidence Index for men fell 4.5 points from August to 44.5, which was down 2.3 points from September of last year and the first decline in seven months. This was also the worst score for men for any September on record. Likewise, the score for women plunged 7.0 points to 53.3, which was down 0.1 point compared to September of last year. The rise above 60 points for women in last month's survey was largely due to seasonal factors.

A simultaneous survey of lifestyle priorities showed that for men the propensity to spend on "daily (minor) purchases", "medium-sized purchases" and "major (expensive) purchases" were all down compared to August and at slightly low levels. For women the propensities to spend on these three categories were all up compared to August and at slightly high levels. Lifestyles among women likely became a bit more settled in September and a relatively large percentage of women were more willing to spend on "housework and household affairs."

Propensity to consume
for August 2009
54.6 points

The Consumer Confidence Index for August climbed 2.1 points from July to 54.6. This result was a little surprising as during a typical year the index tends to move lower between July and August. In fact, this was the first time in the history of the survey that the score for August was up on month. This score was also up 3.1 points from August of last year and was the highest score for any August since 2000. The score for women was particularly noteworthy, exceeding 60 points and pulling the overall index higher.

Looking at the economic conditions, there have been signs of improvement for corporate earnings, the Nikkei Average has topped 10,000, real GDP for the April-June quarter grew for the first time in five quarters and the leading index of the Cabinet Office's Index of Business Conditions was up in June for a fourth straight month. Overall, the economy continues to recover. This recovery can be attributed to improving production and exports, along with economic stimulus measures that have helped to improve personal consumption. However, personal consumption conditions still remain very difficult. Business sentiment in the Cabinet Office's Economy Watchers Survey slowed considerably in July after rising for six straight months. Cash earnings in June fell on-year by the largest margin ever. Department store sales have been sluggish and June convenience store sales fell on year in June for the first time in 14 months. So the positive impacts from the economic stimulus measures are intermixed with these and other negative aspects. Amidst these mixed conditions, the August score for this index was up, contrary to the typical pattern. So it will be very interesting to see what happens from September.

The Consumer Confidence Index for men rose 1.3 points from July to 49.0, which was down 0.3 point compared to August of last year. The score for men has continued to rise month-on-month since March. The score for women increased 2.9 points from July to 60.3, which was a huge 6.7-point gain over August of last year. This was the second highest score for any August on record. Recently prices for foodstuffs and daily necessities have fallen further and it has not been uncommon_past to have summer bargain sales with prices slashed by as much as 70%. Frequent commercials and news reports involving the "Eco-point" system and expressway tolls cut to only 1,000 yen seemed to have helped spur on consumption by women. There was also the seasonal pattern in which many women in their 20s and 30s expressed a desire to spend more on leisure and shopping in order to make the most of their summer vacations. This likely had some impact on the recent rise in the score for women.

A simultaneous survey of lifestyle priorities showed that for both men and women the propensities to spend on "daily (minor) purchases", "medium-sized purchases" and "major (expensive) purchases" were all a bit lower compared to July, but still in line with the statistical averages. Due to the summer vacation season, there were many people who expressed a stronger intention to spend on recreation and leisure.

Propensity to consume
for July 2009
52.5 points

The Consumer Confidence Index for July rose 1.9 points from June to 52.5. However, after turning up year-on-year in June for the first time in seven months, the score was down 0.2 point compared to July of last year. This was also the lowest score for any July on record, the first time in three months that the score was the lowest all-time for that particular month. There were expectations that the propensity to spend would increase heading into the summer vacation season, but sentiment was apparently chilled by the big drop in summer bonuses this year. Recent economic indicators have been relatively upbeat, with the noticeable use of such terms as "improving", "rising" and "upward revision". For example, business confidence in the Bank of Japan's quarterly Tankan report improved for the first time in two and a half years. The Bank of Japan raised its assessment of current economic conditions for a third straight month in its monthly economic report for July. Business sentiment in the Cabinet Office's June Economy Watchers Survey improved for a sixth straight month. Furthermore, the May Family Income & Expenditure Survey showed that household spending rose for the first time in 16 months. These results were due to a temporary improvement in consumer confidence brought about by recoveries in production and exports, combined with the government's economic stimulus measures.

However, even though economic conditions have bottomed, the corporate earnings environment is expected to remain very difficult and there continues to be very strong anxiety about employment and wages. The participants in this survey provided such statements as "I am worried about the future", "I'm going to be frugal until things get better" and "In any event, I'm just going to save". Unless these concerns about the future are eliminated, it will be hard to expect a true recovery in consumption and there will be worries that the economy could again falter. After bottoming at 47.5 in February, this Consumer Confidence Index has been increasingly steadily. However, July marked the highest score for this year and yet it was still the lowest score for any July on record. So clearly the scores remain very low and there is no sense that they will recover strongly any time soon.

The Consumer Confidence Index for men increased 1.5 points from June to 47.7, but this was down 0.3 point compared to July of last year and was the lowest score for any July on record. The score for women increased 2.5 points from June to 57.4, but was off 0.1 point compared to July of last year. The scores for both men and women were down slightly compared to July of last year after rising on year in June for the first time in seven months.

A simultaneous survey of lifestyle priorities showed that for men the propensities to spend on "daily (minor) purchases" and "medium-sized purchases" were a little lower compared to June, while the desire to spend on "major (expensive) purchases" increased. For the past few months the scores for women for all three categories have been slightly higher on-year and a relatively high level was maintained in July as well.

Propensity to consume
for June 2009
50.6 points

The Consumer Confidence Index for June slipped 0.7 point from May to 50.6, marking the second lowest score for any June on record. However, the score was up 1.5 points compared to June of last year for the first on-year increase since December. The average for the first half (January-June) was 49.5 points, the lowest first-half average in the history of this survey.

The economy continues to limp towards a recovery, but there has been confirmation that the worst period is likely over. The Cabinet Office's Index of Business Conditions improved in April for the first time in 11 months and the Bank of Japan raised its assessment of economic conditions for the first time in two years and ten months. The Cabinet Office's Monthly Economic Report is also expected to be revised higher in June for a second straight month. There have been improvements in production and export-related indicators, but consumption activities still remain very weak. However, the DI for current economic conditions in the Cabinet Office's Economy Watchers Survey, as well as its Consumer Confidence Index, both rose in May for the fifth straight month. So there is a sense that the slide in consumer sentiment is coming to an end as the economy bottoms. Still, consumers remain very anxious about employment and income, so the economic outlook is not very rosy. There are signs of a slight recovery in the Consumer Confidence Index, but it will very likely remain at a low level for some time to come as most consumers remain sidelined. It will be interesting to see if this index can rise in July ahead of the summer vacation season, which is usually the case.

The Consumer Confidence Index for men rose 0.2 points from May to 46.2, which was a gain of 0.5 point compared to June of last year. This was the first on-year gain for men in seven months, but it was still the second worst score for any June on record. The score for women fell 1.9 points from May to 54.9 points, but was up 2.4 points compared to June of last years, also the first on-year increase in seven months. The first half average score for men was 45.0 and the average for women was 54.1, both being the lowest for any first half on record.

A simultaneous survey of lifestyle priorities showed relatively firm scores for both men, who last month marked their highest scores this year for the three categories of "daily (minor) purchases", "medium-sized purchases" and "major (expensive) purchases", and women, who saw a slight drop this month in their propensity to spend on "daily (minor) purchases". When comparing the averages for these three categories for the January-March and April-June periods, there has been a clear rise in the April-June period. The scores for the April-June period this year are also higher compared to the same period last year. There appears to be some signs of a slight recovery in the propensity to spend.

Propensity to consume
for May 2009
51.3 points

The Consumer Confidence Index for May climbed 2.8 points from April to 51.3, topping the 50-point mark for the first time in four months. The on-month score has now risen for three straight months, but the May score was still down 1.4 points on year and marked the second lowest score for any May on record. This was the first time since December that the score was not the lowest on record for that particular month, but consumer confidence still remains at a very low level.

Recently released economic indicators for March have provided some signs that the economic downturn may be bottoming. The Cabinet Office's index of leading economic indicators rose for the first time in six months, industrial production rose 1.6%, the consumer confidence index and Economy Watchers Survey both improved and stock prices have entered an upward trend. However, consumption conditions still remain very difficult. There have been some positive developments such as the government's economic stimulus measures and bargain sales implemented by major retailers, but actual retail sales amounts and department store sales remain sluggish. Household spending fell in March for a 13th straight month. This survey has recently turned up on-month, but the on-year scores keep falling. The difficulties facing household budgets continue to mount. The unemployment rate in March rose to 4.8%, while wage increases following the annual spring labor negotiations and summer bonuses will be down compared to last year's levels. So it appears that more time will be needed before personal consumption can truly recover.

The Consumer Confidence Index for men rose 2.0 points from April to 46.0 points, but was down 2.1 points compared to May of last year. This was also the third straight month that the score for men was the lowest ever for that particular month. The score for women was up 3.8 points from April at 56.8, but 0.4 point down from May of last year. This was the first time in three months that the score for women was not the lowest ever for that particular month. The score for women made its first big on-month jump since December, but the score for men continues to hover at a very low level.

A simultaneous survey of lifestyle priorities showed that men continue to have a weak propensity to spend, but their scores for the three categories of "daily (minor) purchases", "medium-sized purchases" and "major (expensive) purchases" were all the highest for this year. The scores for women were also relatively high this month. The propensities to spend on "recreation & leisure" and "hobbies & pastimes" were particularly high. This was probably because the survey overlapped with the long Golden Week holidays and sentiment was also brightened by expectations for economic stimulus measures such as the reduction of highway tolls and the introduction of a system in which consumers earn "eco-points" (store rewards) when purchasing environmentally-friendly home appliances.

Propensity to consume
for April 2009
48.5 points

The Consumer Confidence Index for April rose 0.7 point from March to 48.5, but was down 3.2 points compared to April of last year and marked the lowest score for any April on record. This was the fifth straight month in which the score for that particular month was the lowest ever. There were modest on-month gains in both March and April, but the index has languished just below 50 points since February.

Recently released economic indicators all paint a bleak picture for Japan's economy. The business conditions DI for large manufacturers in the Bank of Japan's March Tankan report fell to its lowest level on record and the Cabinet Office's Monthly Economic Report also concluded that the economy continues to worsen. The Ministry of Internal Affairs and Communications' Family Income and Expenditure Survey also showed that February consumption expenditures had fallen for a 12th straight month. The government has been implementing various economic stimulus measures such as cash handouts and reduced road tolls. As a result, there has been some improvement in the DI for current economic conditions in the Cabinet Office's Economy Watchers Survey, as well as in its Consumer Confidence Index in both February and March, indicating that the slide in consumer sentiment may be bottoming. However, the spring negotiations between labor and major corporations resulted in the first on-year reduction in wages in four years. It may be hard for consumer sentiment to continue improving in consideration of stagnant wages and uncertain employment conditions. However, during a typical year consumer confidence in this survey has tended to rise in May. So the results for next month's survey will be closely watched.

The Consumer Confidence Index for men rose 0.1 point from March to 44.0 points, but was down 3.4 points versus April of last year and was the lowest score for any April on record. The score for women increased 1.2 points from March to 53.0 points, but was down 3.0 points compared to April of last year and also the lowest score ever for any April. This was the second straight month for men and third straight month for women that their individual scores for that particular month was the lowest on record. Scores for both men and women have fallen on year for five straight months. The scores for men have been particularly weak, dropping to the second and third lowest levels on record since February.

There was no major change in the propensity to spend in April based on the simultaneous survey of lifestyle priorities. There were slight on-month and on-year improvements in the propensities to spend on "daily (minor) purchase" and "medium-sized purchases" among women. The propensities to spend on "daily (minor) purchase", "medium-sized purchases" and "major (expensive) purchases" still remain at low levels for men.

Propensity to consume
for March 2009
47.8 points

The Consumer Confidence Index for March increased a modest 0.3 point from February to 47.8 points. However, this was a 3.3-point drop compared to March of last year and was the lowest score for any March on record. In fact, this was the fourth straight month in which the score was the lowest ever for that particular month. This was also the second lowest score for any month, after February, since the launch of this survey in April 1993 and this was the first time that the score remained in the 40s for two straight months.

Economic conditions remain very difficult with the Cabinet Office's January diffusion index falling for a sixth straight month. The Cabinet Office downgraded its assessment of the economy for a fifth straight month in its February Monthly Economic Report. The downward trend for personal consumption has been cited as the main factor behind these difficult economic times. This trend has been underscored by the results of this survey dropping to never-before-seen lows since the start of 2009. The DI for current economic conditions in the Cabinet Office's February Economy Watchers Survey rose for a second straight month amid hopes for new government economic policies, but this was still at the third lowest level on record. A few businesses have enjoyed modest success by appealing to the desire to save money and have offered low prices and special sales in which trading gains from a stronger yen are passed on to the consumer. However, this success is due to consumers becoming more defensive and cannot be seen as an improvement in sentiment. During the spring 2009 labor offensive there is a spreading movement to push for regular pay hikes, but incomes are expected to remain stagnant amid poor corporate results. It is still hard to find any signs of a recovery in consumer sentiment.

The Consumer Confidence Index for men remained at 43.9 points in March for a second straight month. This was a 3.5-point drop compared to March of last year and was the lowest score for any March on record. The score for women increased 0.9 point from February to 51.8 points, but this was a 3.0-point drop from March of 2008 and the lowest score for any March ever after last month marking the lowest score for any February on record. The scores for both men and women have fallen on year for four straight months.

The simultaneous survey of lifestyle priorities showed a slight improvement in the propensity to spend from February. On year there was an improvement in the desire to spend on "daily (minor) purchase", but the propensity to spend on "medium-sized purchases" and "major (expensive) purchases" were down for both men and women. In particular, the scores for men for both medium-sized and major purchases have remained at low levels since the start of the year.

Propensity to consume
for February 2009
47.5 points

The Consumer Confidence Index for February was 47.5 points, a 4.1-point drop from January and down 2.8 points from February of last year. Consumer confidence typically becomes a bit depressed in February, but this was still the lowest score for any month since the start of this survey in April 1993. Furthermore, there have now been all-time monthly lows for each of the past three months since December last year.

Among the economic indicators in December were some of the worst results on record. The Industrial Production Index fell by the largest amount ever, the overall unemployment rate worsened at the fastest pace on record and household consumption decreased for a 10th straight month. In its Monthly Economic Report, the government also assessed economic conditions as deteriorating rapidly. GDP for the October-December 2008 quarter fell by the largest amount since the first oil shock in 1974. In January the Cabinet Office's Consumer Confidence Index rose for the first time in four months and its Economy Watchers Survey improved slightly. However, despite these modest improvements, most economic indicators still remain at very low levels. Prices have stabilized and some department stores and supermarkets have started cutting prices, mindful of the strong desire among consumers to save. However, trends for the Consumer Confidence Index over that past few months suggest that consumers have become even more defensive.

The score for men in February was 43.9, down 2.2 points from January and off 2.8 points from February of last year. The score for women tumbled 6.2 points from January to 50.9, which was 2.9 points lower than February of 2008. The drop for women was particularly striking, and marked the lowest level in the history of this survey. The score for men was the second lowest on record, after February 2003.

According to the simultaneous survey of lifestyle priorities, both men and women showed a weaker propensity to spend for the three categories of "daily (minor) purchases", "medium-sized purchases" and "major (expensive) purchases", both on month and on year. The survey panel provided some earnest comments such as "I don't have enough money" and "I'm trying to cut back", as well as comments such as "it's hard to buy considering the current conditions", "I want to make purchases, but will try to do without" and "I can't buy now". It seems that the number of people putting off purchases due to concerns about the future is growing.

Propensity to consume
for January 2009
51.6 points

The Consumer Confidence Index has gotten the New Year off to a very rough start, falling 3.8 points from December to 51.6 points. This was a 2.5-point drop from January of last year and was the lowest score for any January on record. There has now been a record monthly low for two straight months. The index is starting 2009 at the lowest level in the history of this survey.

Department stores revved up their year-end / New Year sales campaigns and there was increased turnout for the first sales of the New Year, but it appears that sales still fell below levels for last year. Consumers have become very selective and there is a strengthening trend toward buying only the basic necessities. This is not surprising with the October-December 2008 Business Outlook Survey, released by the Ministry of Finance and Cabinet Office, showing that business confidence has fallen to all-time lows. The December Economy Watchers Survey released by the Cabinet Office also showed that the DI for current economic conditions marked a record low for the third straight month. The rise in overall prices has been slowed by falling prices for crude oil, raw materials and grains. However, concerns about the future are increasing and households are becoming more defensive as poor corporate earnings result in lower wages and employment insecurity. Under theses conditions, consumers are expected to become increasingly selective and focused. During a typical year there tends to be a big fall off in consumer sentiment from January, so it will be very interesting to see how this index fares next month.

The Consumer Confidence Index for men fell 4.2 points from December to 46.1, which was 3.5 points lower compared to January of last year and marked the lowest score for any January on record. The index for women dropped 3.4 points from December to 57.1, which was down 1.6 points from January of last year and was the lowest score since 2005. Scores for both men and women have made a very poor start for 2009. The gap between the scores for men and women has widened to a surprising 11.0-points.

According to the simultaneous survey of lifestyle priorities, the propensity to spend among both men and women continues to fall, but men in particularly were much more reluctant to spend on the three categories of "daily (minor) purchases", "medium-sized purchases" and "major (expensive) purchases" as compared to last month. Furthermore, the percentage of woman expressing a desire to spend on "hobbies and pastimes" fell to the lowest level in the history of this survey dating back to May 2000. Their score for "recreation and leisure" also fell to its second lowest level on record. As household budgets get tighter, it seems that women are running out of room for spending on their own amusement.

• 
• 
• 
• 
• 
• 
• 

Japanese