Panic buying underpins Japanese retail sales growth

Japanese retail sales have recorded a distinct uptick as consumers enter a panic-buying mode in response to the coronavirus outbreak, according to Nikkei Asian Review. According to the Ministry of Economy, Trade and Industry, Japanese retail sales rose 1.7 percent year on year in February.

Pharmacy sales showed the highest rate of growth, surging 18.9 percent due to higher sales of protective masks and toilet paper, among other hygiene-related purchases.

Supermarket sales increased 6 percent following increased purchases of consumer goods.

By contrast, sales figures for department stores slipped 11.8 percent resulting directly from a drop in tourism.

The slowing down of local business has concurrently seen a drop in employment figures, with fewer businesses seeking to fill positions.