Saving, Saving, and Saving
Like in other countries, oil price increases have pushed up inflation in the Japanese economy. The price of every item has increased, including gasoline, food, and air surcharges. Checking my household account is the scariest of my daily routines, and it urges me to do something to manage my spending. Well, it looks as though I am not the only Japanese who thinks this way. The following explains how the Japanese cope with inflation:
- Switch from Airlines to Railways
For domestic travel, people are using railways more rather than airlines. Shinkansen (bullet trains) and other local railways are much cheaper than airlines right now because they do not have the cost of extra oil surcharges. From statistics it is evident that people are using railways more rather than airlines. According to the Ministry of Land, Infrastructure, Transport and Tourism, aircraft passengers in March 2008 had reduced by 3.9% from the previous year, whereas the number of railway passengers had increased by 1.7% from the previous year.
- Switch from Dining out to Handmade Lunches
More business men and women are bringing their “Tezukuri Bento” (handmade lunch) to work instead of buying “Convini Bento” (lunches sold at convenient stores) or dining out. Some business men also bring a tea bottle from home instead of buying a bottle of water.
- Switch from Travelling Abroad to Local Excursions
People are visiting nearby places instead of travelling abroad for a vacation. Sources say that Tokyo Disneyland has recently attracted more local visitors due to oil price increases.
As shown above, oil price increases have affected how the Japanese spend their money, and now more than ever the Japanese are keen to save money.
July 25 2008 09:17 am | Economy and Weekly Articles
