During the period of Japan's rapid economic growth — from 1958 to 1973 — the three items that households yearned for most were a black-and-white TV set, washing machine and refrigerator. By 1965, when more than 80 percent of households had these items, the next targets for purchase were a color TV, an automobile and an air conditioner, which together drove national household consumption and gross domestic spending.
The oil crisis, which started in October 1973, put an end to rapid economic growth, and in the following year the Japanese economy experienced the first negative growth since the end of World War II. After 1975, however, the economy grew 4 to 5 percent a year.
A major contributing factor to this soft landing was steady consumer demand for these and other durable goods. In 1975, cars were owned by only 41 percent of the population, air conditioners by 17 percent, and microwave ovens by 6 percent. Video tape recorders were still at the starting gate.