Japan's high inflation and weak yen have discouraged spending by individuals and households during the year-end and New Year holidays, according to a private sector survey.
The average budget for those with holiday plans in the country stood at 45,235 yen ($320), up 27.8 percent from the previous year, but more than half of the respondents said they would cut seasonal spending, including on special dishes and Christmas presents, marketing firm Intage Inc. said on Dec. 25.
Among the respondents, 56.2 percent said they had no travel plans.
With the easing of COVID-19 measures, 18.5 percent said they would visit their parents' homes, while only 0.7 percent planned to travel abroad, amid the weak yen.
Following recent price hikes, 52.5 percent said they would cut their seasonal spending, with 51.3 percent saying inflation would weigh on their purchases of festive food items, including orders for "osechi" New Year dishes, the survey showed.
"The movement of people will increase but their savings mindset remains strong," an official at Intage said.
The survey covering 5,000 people aged 15 to 79 was conducted between Nov. 24 and 27.
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