TOKYO, Jan. 25 (Xinhua) — Department shops throughout Japan reported robust gross sales development in 2024, pushed by rising inbound demand and powerful gross sales of cosmetics and luxurious objects, trade knowledge confirmed.
According to the Japan Department Stores Association, whole gross sales for the 12 months reached 5.7722 trillion yen (about 37 billion U.S. {dollars}), surpassing the degrees seen in 2019.
On a same-store comparability, gross sales have been up 6.8 % from the earlier 12 months and three.6 % larger than in 2019.
The surge in gross sales was attributed to a big improve in overseas vacationer arrivals, which boosted demand for objects like cosmetics, watches, and jewellery.
Tax-free gross sales additionally reached file highs for the second consecutive 12 months, totaling 648.7 billion yen, a rise of over 85 % in comparison with the earlier 12 months, the info confirmed. (1 yen equals 0.0064 USD)