Reuters: Japan's new rich party like it's 1989
They customize the headrests of their Rolls-Royces with "Harry Potter writing," sip martinis poured over diamonds and buy $130,000 watches on a whim. Meet Japan's big spenders. On a Wednesday night, carefully coiffed women in fur coats slide into a rooftop bar in Ginza, Tokyo's most exclusive shopping district. Ten floors below, the streets resound with the angry growl of a Ferrari stuck in a traffic jam. In this setting reminiscent of the booming 1980s, it seems hard to believe that Japan is suffering from weak consumer spending. Despite a sluggish economy, tepid retail sales and a weak yen, demand for super-luxury goods and services is up, thanks to a small, growing class of new rich -- the winners of Japan's economic reforms. In a society that used to value equality and modesty, these entrepreneurs and executives in sectors such as information technology and finance like to flaunt their wealth. "People have a view of the Japanese as quite conformist," said Matthew Bennett, general manager of Rolls-Royce Motor Cars in Japan. "But the number of people asking us to do something we've never seen before is the highest in the world"...more...
