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Falling wealth Essay

The economic recession that is being experienced worldwide has changed the way people live in every part of the globe. Japan is one of the countries that have been hit hard by the recession. In the past, a lot of Japanese can afford to feed their luxuries by buying branded items such as Louis Vuitton, Prada, Gucci and others.

However, a lot of consumers have become wise spenders as revealed by the pattern of consumption in Japan. The sales report of high end boutiques has shown a decline in the purchase of goods by the people. This has prompted a lot of stores in Japan to sell their items on sale in hopes of pumping up their sales. The more drastic measures being taken by company owners in Japan is to lay off workers or to totally close down its stores due to the economic downturn.

Hundreds of thousands of people have been laid off from their jobs and a lot of factories have stopped hiring temporary workers leaving a lot of people in Japan without any extra income to spend for food, rent and other basic necessities. These tough times has an effect on the way its people spend their hard earned money. Before, it was so easy to just purchase any piece of jewelry, gadget, bag or clothing but that is not the case now. There has been a decline in the demand of goods that are not considered as a basic necessity for the people. Those living in Japan are not even willing to purchase any needless item on credit.

This pattern of consumption reveals that many of the consumers have been living on borrowed money through the use of credit cards. Reports have been made saying that a lot of the middle and lower class workers have lost their jobs due to the economic crisis that is being experienced in Japan. This has a huge impact as to the amount of disposable cash that people have. A lot of people are afraid of what can happen, thus they spend whatever money they have for food and other basic necessities. Thus, shopping is now a thing of the past for most of the Japanese.

References:

Powell, B. November 19, 2002. Explaining Japan’s Recession. Retrieved on May 4, 2009 from website http://mises.org/story/1099.
Murphy, J. and Inada, M. December 5, 2008. Japan’s Recession Hits “Temps”. The Wall Street Journal. Retrieved on May 4, 2009 from website http://online.wsj.com/article/SB122843589030281305.html?mod=googlenews_wsj.


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