To What Extent was Personal Consumption Suppressed by Voluntary Restraint due to COVID-19?

Consumption suppressed by around 2.2 to 3.1 trillion yen in April


July 01, 2020

  • Akane Yamaguchi
  • Keiji Kanda


◆We estimated the extent to which personal consumption was suppressed by self-restraint of activities due to the COVID-19 pandemic between March and May. Personal consumption on a GDP basis is seen to have been suppressed by around 0.9 to 1.5 trillion yen in March 2020 and by around 2.2 to 3.1 trillion yen in April, when the official state of emergency was issued. Based on the results of various data, assuming that the amount of consumption suppressed in May was about the same as in April, consumption was suppressed by about 5.3-7.8 trillion yen during the three months running from March through May.

◆Approximately 80% of the amount by which consumption was suppressed in April (compared to January) was in the services industry. Looking further at services by item and cost, there was a decline in eating out (37% of the amount by which service consumption was suppressed in April), entertainment (21%), transportation (16%), travel (11%), accommodations (10%), and ceremonial occasions (4%).

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