Consumers, brands and innovation in a stagnant economy – five lessons from Japan
Nicole FallFive by Fifty
As Japan enters its third decade of stagnant economic growth, it illuminates how other developed countries could fare in the future. It answers the question we should all be asking at this uncertain economic moment: how does a period of prolonged economic weakness affect consumer behaviour? After 20 years of deflation, it takes a lot more than it once did to tempt Japanese consumers to spend their precious paycheques.
Lesson 1: Micro-innovation
A low-growth economy means manufacturers need to put more...