Japanese Shoppers Turn to Old Favorites as Recession Deepens

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Japanese Shoppers Turn to Old Favorites as Recession Deepens

July 8, 2009: 05:11 AM

Old food favorites are holding their own in the recession in Japan, prompting companies to defer new product launches and try to boost sales of the “standby” items. Nostalgia and the sense that standbys represent value for money and safety appear to be behind the trend. A Cabinet Office survey shows that 44 percent of respondents said their household income dropped from the year before, and 55 percent expect their income to decrease further. Norio Tomono, a professor of behavioral economics at Meiji University, said, "At a time when anxiety is rampant due to recession and other reasons, people tend to choose products carefully. In doing so, they mostly buy products whose quality has long been established and which are seen as less risky."

"'Old standby' products defying economic recession in Japan_07-09-09 ", Kyodo News, July 08, 2009, © Kyodo News International Google Cache

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