Japan’s deepest postwar recession is encouraging cash-strapped consumers to eat more bean sprouts, ketchup and cheap beef, according to a report by Dai-Ichi Life Research Institute.Spending by each household fell a record 69,509 yen ($734) in 2008, Toshihiro Nagahama, chief economist at Dai-Ichi Life in Tokyo, wrote in a report published today. Consumers cut back the most on food, paring outlays by 16,952 yen, he said.
“Households are in serious penny-pinching mode,” Nagahama wrote in a report that compares last year’s consumption with spending during the 1998 financial crisis. “We’re seeing families eat more at home to help save money.”
Wednesday, May 27, 2009
Japan's households turn to bean sprouts, ketchup amid recession.
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