Starting February 24, workers in Japan will have another reason to celebrate the end of the week. Japan’s new “Premium Friday” initaitive aims to start a shift in the nation’s workstyles by getting people out of the office early on the last Friday of the month.
The cheaper the better?
Around the world, pressure to reduce cost and lower prices has stoked fierce price competition for products and services. Many consumers prioritize low prices over quality, leaving fewer opportunities to enjoy quality products and services that may bring more fulfillment.
Changes in consumption style
At the same time, consumer values are becoming increasingly diverse. Experiences that spark joy and excitement tend to be linked to active consumption, and data shows that most consumers are more active on the last Friday of the month, after pay day.
Japan’s Ministry of Economy, Trade and Industry (METI) created Premium Friday to encourage people to treat themselves to a wider range of quality products and services. METI expects the initiative to trigger positive changes in lifestyle, increased satisfaction and help stave off deflation.
End the month on a high note
Premium Friday kicks off on February 24, 2017, and will be held every last Friday of the month. A special council will continue to promote the initiative throughout Japan, in collaboration with various regions and industries. Through Premium Friday, METI hopes that more people can enjoy happy and fulfilling lifestyles complete with shopping, tourism, volunteer activities and more time spent with family.