{"id":7537,"date":"2011-02-07T04:02:02","date_gmt":"2011-02-07T04:02:02","guid":{"rendered":""},"modified":"2011-02-07T04:02:02","modified_gmt":"2011-02-07T04:02:02","slug":"Japanese-youth-more-frugal-than-their-parents","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=7537","title":{"rendered":"Japanese youth more frugal than their parents"},"content":{"rendered":"

According to a Women’s Wear Daily report<\/strong>, young Japanese shoppers are less impressed by designer brands and more value-driven than their parents.<\/p>\n

The consulting firm McKinsey & Co. already reported last July that “almost 30 percent of shoppers under 30 [in Japan] named price as the most important factor they consider when shopping, compared to just 21 percent for those over age 50,” <\/strong>WWD writes in its story which appeared February 1. The trade paper adds that, as a result of its economic collapse, Japan’s per-head spending has radically declined – a trend that market researchers at Euromonitor think will continue – with the luxury market being particularly affected, having shrunk by 23 percent between 2006 and 2010.<\/p>\n

While their parents shopped at luxury department stores such as Isetan, shoppers in their twenties now turn to the high street<\/strong>. WWD quotes Charles Spreckley, co-founder of Tokyo-based trend agency Five by Fifty, as saying: “Young people are still fashionable, they are just not as consumerist as they once were, and not as easily transfixed by brand names.”<\/p>\n

And Fflur Roberts, Euromonitor’s head of luxury goods, added: “The rise of individual style, which has resulted in the mixing of exclusive brands with high street brands, combined with the proliferation of choice … have all contributed to both the diminution and fragmentation of the ‘luxury wallet.'”<\/p>\n

China<\/strong> – the market now mainly targeted by Western luxury brands – is referenced as the manufacturer of the new generation’s preferred products because “Chinese products are cheaper than Japanese ones in general.”
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