“Japan’s millennials have grown up in an economy that never seems to grow.
Accustomed to stagnant wages, jobs without benefits and a debt-burdened government, they came of age during the global financial crisis and the 2011 tsunami and nuclear disaster – events that set them apart from other generations, especially in their spending patterns.
That carries grave portents for Japan’s economic policymakers, hampering their ability to spur consumption and lift the world’s third-largest economy from decades of tepid growth and deflation.
The millennials will form a large part of Japan’s consumer society for decades to come, and their first instinct is to save, not spend. And if they spend, they hunt for bargains. They don’t need cars and shun brand-name clothing, once coveted by their parents during the booming 1980s.”