By unlocking the pattern of consumer culture as a business it has the advantage of predicting what might become a market boom.
Japanese consumers have gained a lot of the likeness to those of European and United States consumer culture. With strong willingness of paying for quality and convenience rather than consuming cheap low-quality products. It has also shown an increase of Japanese consumers flocking to discount and online retailers.
Furthermore, sales of relatively affordable private label foods have increased substantially, it also has shown certain behaviours of the consumers like despite their small living conditions they are still buying in bulk. As well as instead of eating out, people are entertaining cooking at home, with workmen packing their own lunch boxes. Due to the popularity of the new lifestyle, there are now terms used to describe it being “bento-danshi”, or “box-lunch man.”
This fundamental shift in the attitudes and behaviour of Japanese consumers seems likely to persist, irrespective of any economic recovery.
That’s because the change stems not just from the recent downturn but also from deep-seated factors ranging from the digital revolution to the emergence of a less materialistic younger generation.
An examination of the strategies of leading Japanese and multinational companies, along with interviews with more than two dozen executives of the most significant retail and consumer industry players, shows how consumers are changing and why It also suggests the kinds of moves—such as rethinking relationships with customers and becoming more flexible about sales channels—that businesses must take to seize the opportunities created by Japan’s new normal.
Japanese Consumers are both distinctive and predictable. They dismiss low priced goods for more high-end department stores and pricier regional supermarkets. They were willing to pay high prices for quality products, and their love of brands sparked the emergence of a mass-luxury market where owning expensive, exclusive products seemed essential rather than aspirational.
However, that does not put aside the hunting bargain consumers. Not everyone can own expensive things and look for good deals. From a study done 53 percent declared themselves more likely to “spend time to save money” rather than “spend money to save time.”
In apparel, high-end department stores concerned about the vanishing shopper have started leasing space within their stores to value-focused competitors such as casual-clothing chains Uniqlo and Forever 21, hoping that this will revive customer traffic. Japan’s leading skin care companies are more aggressively introducing lower-priced products. Luxury-goods companies are watching a decade of growth disappear, with year-on-year sales declines of 10 to 30 percent.
The Japanese used to spend little time at home, as a result of factors such as long work hours and small living quarters. Yet almost 50 percent of a representative sample of consumers across a range of age groups and geographies are now spending somewhat or significantly more time there.
Japan has always been perceived as one of the world’s healthiest societies, thanks to a combination of lifestyle, diet, and genetics, and Japanese consumers are increasingly conscious of their health.
One effect of the greater interest of the Japanese in directing their own health care has been the growing popularity of drugstores, which have been Japan’s fastest-growing retail channel.
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Source: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/the-new-japanese-consumer#
