When the recession hit the United States it caused a tidal wave effect across the entire world. Japan is quickly feeling the money strain. For a country that spent $100 on fruit and $1000 on handbags, luxury items were considered a mass market. The recession, however, has now turned luxury Japanese shoppers into Wal-Mart shoppers!
For the first time in seven years, Japanese Wal-Mart retailers are expecting to make a profit. The luxury boutiques that once flourished are now rapidly declining. Designers like Louis Vuitton have cancelled plans for new stores in the Tokyo area. The younger generations, who once bought only luxury items, have no problems shopping at Wal-Mart. In the new economic environment, "cheap is chic, no matter what the product."
Luxury items are no longer an option. Japanese individuals everywhere are now more money consciences. A fear of the future economic environment has forced Japanese consumers to save not spend. A trend the United States is all too familar with.
by: Taylar Proctor
source: The New York Times
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