The new rich

Date of publication: June 15, 1990

Author: Robert J. Wilk

Abstract:

In a period of rapid and dynamic change in Japan, an understanding of Changing Values and Lifestyles provide strategic advantage to the today's marketer by providing an opportunity to observe emerging needs and desires among various psychographic types. INFOPLAN's study of the Japanese Rich uncovers five distinct types of rich Japanese consumer; Overt, Clasic, Conservative, and two new emerging types of Japanese personalities which we identify as The New Rich: The Modern Rich, a younger, highly educated and very independent-oriented consumer and lastly. The Overt Rich, a dynamic, very consumption-oriented "Nouveau" type. The three top items the Rich like to use money for is Travel, Hobbies and Culture, and Home Development/Home Interiors. An alive interest in possession of luxury items such as dramatic recent increases in Gold Jewelry including gold bracelets for men as well as high rates of diamond ring ownership among women. Diamonds for Men has also begun to have an impact on the market, especially among the Overt males. The Japanese Rich are rather favorable towards Foreign Products, especially the Overt Rich. This interest includes foreign cars: 25% of Rich would like to buy a foreign car, compared to 39% who have no interest. Among the Overt Rich, the opposite is dramatically true: 43% would like to buy compared to only 21% who would not. Changing attitudes towards tradition and relationships indicate dramatic new trends toward a more independent and personally satisfying lifestyle compared to the more traditional Japanese group behavior.

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