The muted celebrations at the passing New Year have slipped from mind more quickly than in most years. The less-than-festive mood around the world was yet more evidence of how deeply and strongly the economic downturn has disrupted everyone's lives. Joblessness, homelessness and general discomfort are increasing day by day, and will only worsen over the next year.
Throughout Japan, belt-tightening is under way. Corporations have already shed long-cherished sports clubs and sponsorship of events such as Formula 1 racing. Few people will cry over companies downsizing advertising budgets, but when traditionally profitable companies scale back so publicly, more of the "extras" of the past years must appear ready for the chopping block.
Personal budgets, even high-end ones, have also been inhibited. Shopping revenues during the holiday season went down and fashionable young women can no longer afford to purchase expensive brand-name bags and dresses. Instead, they rent them. The emerging attitude seems a curious mix of lingering materialist desires and current pragmatic necessity. It will take time for the consumer mentality to readjust itself more fully.