Grab bags of diamonds and electronics flew off the shelves during Japan's New Year sales, as the nation's continuing economic recovery whetted consumer appetite for spending.
Thousands waited in line at department stores in the cold around the country for the first store openings on Jan. 1 and 2 before elbowing and screaming to get at the so-called lucky bags. Some stores opened early to meet the larger-than-expected demand in an apparent sign of the feel-good factor of Japan's recovery after a year of Prime Minister Shinzo Abe's pro-growth "Abenomics" policies.
The bags are a New Year's tradition in Japan. Retailers stuff products in boxes or paper bags and sell them at a generous discount. Customers don't know what specific goodies are inside, but they do know they will be saving on the regular retail price and that some of the bags contain hugely discounted items for the lucky few. Their popularity rests on a kind of reverse psychology that drives people to spend money in the name of saving money. They hope to acquire luxury items at a steal, a seasonal portent for a year of good fortune.
Apple Inc.AAPL -2.20% sold good luck bags for ¥36,000 ($345) at Apple Stores this year, some of which included 11-inch laptops that usually sell for ¥98,800 in Japan.
Department store Mitsukoshi's Nihonbashi branch in Tokyo offered five ¥105,000 grab bags with diamond pendants and earrings, as well as nearly 4,000 bags priced at ¥1,050 containing various food items.
Source: NewsOnJapan
