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Akane Yamaguchi, an economist at the Daiwa Institute of Research, explaining why luxury goods such as jewelry watches, priced at more than 10 million yen, and paintings are enjoying brisk sales at department stores and other retailers in Japan during the pandemic.
© Mainichi ShimbunVoices
in
Japan
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The more people earn, the greater their rate of spending on entertainment and leisure like overseas trips. I suspect cash has been spent instead on luxury goods. The coronavirus pandemic isn't an economic crisis where money disappears.
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8 Comments
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kohakuebisu
Amazon and Uber Eats seem to be doing well, so there are still people out there buying stuff to treat themselves. Covid-19 hasn't stopped consumerism.
SandyBeachHeaven
If they have nobody to show off their new high end costing luxury items, then they will not buy them.
Mocheake
She's really an economist? If you are buying stuff like that, you surely are making way more than the average Taro and the pandemic probably has not affected you like it has them. Maybe you can't spend the money in the other ways like you used to so you are buying more luxury goods. The truly rich are getting richer and middle and lower class who never bought that kind of stuff are struggling, lady!
tooheysnew
In times of crisis, the rich get richer, & vice versa
Kaerimashita
Crass comments by an our of touch economist. Just because luxury goods are still selling and the stock markets are going ever upwards doesn't mean no pain. People not working surely means less productivity. And people not going out surely means less money in the pockets of those who service them.
The bill for the current hysteria is in the mail.
Sven Asai
It’s not so difficult to understand. Money is generated AFTER a debt relationship is created. That means we have creditors and debitors. In addition we have , after some business transactions, poorer and richer people. Considering a whole country, all citizens have to pay back the debts one day sooner or later , the money that has been printed, because such money represents those new debts. But while you and you are not asked and have been taken away the taxes to pay those debts automatically, richer people have more opportunities to avoid that, postpone that , and continuing to do business getting richer and you poorer. Well, that’s it, without too much details. But the debts still exist on and on and new ones are added almost daily, in theory also for the riches. If all had to pay back at once it would be a nightmare for all. So the riches are needed to employ you and you are needed to be employed, just for all citizens paying back the generated money, what closes the described lifetime circle.