Despite demand stimulus measures such as the "Go To" campaign having yielded hopeful signs since autumn, primarily in eating and drinking as well as accommodations, COVID-19 has resurged recently and its impact warrants concern. With regard to the outlook, private consumption is likely to continue picking up on the whole.
Nevertheless, the pace of the pick-up is highly likely to remain quite moderate, particularly with regard to dining-out and services for individuals, due to strong vigilance against COVID19, mainly among seniors. As just explained, exports and goods consumption have been recovering.