Retail in Asia

In Markets

Global retailers may “welcome” shift to thrift

Japanese consumers’ new-found propensity to shop for discounts and shun luxury goods marks a sea change that may boost foreign retailers in the country, according to McKinsey & Co.

"This fundamental shift in the attitudes and behaviour of Japanese consumers seems likely to persist, irrespective of any economic recovery," Brian Salsberg of McKinsey in Tokyo wrote in a report earlier this month. "For Western companies that have long regarded selling in Japan as not only different but also difficult, this may be welcome news."