What: The tourist boom, which has stopped in Europe this summer, is still flying high in Japan.

Why it is important: Department stores in Japan are taking the lion’s share with an uninterrupted growth for 20 months.

In October, tax-free sales in Japanese department stores reached a record high of approximately 257 million dollars (38.3 billion yen), the highest since 2014 and a 178.9% increase from the previous year. This surge is attributed to spending by foreign tourists. Officials anticipate continued growth in duty-free sales towards the year-end, fueled by robust inbound tourism spending. Overall, department store sales in Japan last month amounted to about 3 billion dollars (453.1 billion yen), marking a 6.1% year-on-year increase and the 20th consecutive month of growth.

Tax-free department-store sales in Japan hit record in October