SUNNY SIDE UP GROUP Inc. (Headquarters: Shibuya-ku, Tokyo; President and Representative Director: Etsuko Tsugihara; hereinafter “the Company”) focused on Japan’s stagnant consumer mindset amid ongoing inflation and conducted a post-implementation survey regarding the internal initiative “Adult New Year’s Money,” in which approximately 380 employees were each given 32,000 yen as a “consumption boost.” The results have been published as a survey report.

This survey analyzed how the distributed amount led to consumer behavior and what changes occurred in awareness and psychology regarding consumption, based on responses from 312 employees who actually used the New Year’s money.

The results revealed that in addition to the background of Japanese consumer behavior tending toward “savings,” differences in consumption tendencies and spending decisions, as well as the “reason to spend” and distribution design, have the potential to encourage a shift in consumer behavior. Based on this analysis, the report summarizes insights for how companies and society can positively encourage consumption going forward.

Background

According to the Statistics Bureau of the Ministry of Internal Affairs and Communications, the Consumer Price Index (CPI) for 2025 reached 112.8 compared to 2020, an increase of 3.0% year-on-year. Meanwhile, wage growth has not kept pace with inflation, and according to a survey by SBI Shinsei Bank, the pocket money of office workers in 2024 has decreased to approximately half of its peak around 1990. Additionally, more than half of Japanese household financial assets consist of cash and deposits, with a continuing tendency for surplus funds to remain in savings rather than being directed toward consumption. The Ministry of Internal Affairs and Communications’ household survey also shows that real consumption continues to decline, and approximately 60% of children’s New Year’s money goes into savings, indicating that the mindset of “not spending money” has spread throughout Japanese society regardless of age or gender.

This stagnation in consumption leads to sluggish corporate sales, investment, and wage increases, resulting in a “negative cycle” where spending is suppressed while income does not increase, which is considered one of the factors making it difficult for the Japanese economy to function.

Against this background, the Company implemented an initiative to distribute “Adult New Year’s Money” to employees, encouraging them to “spend rather than save,” with the desire to “create an opportunity from within the company to stimulate the Japanese economy through active consumption.” In this initiative, approximately 380 employees, including regular employees, contract employees, and some part-time workers, were each given 32,000 yen in New Year’s money. The recommended use was for consumption excluding savings and investment, and employees were encouraged to spend it within a two-week period.

■Survey Summary

① [Consumption stimulation rate of 82.3%,“justification of consumption” is key]
Of the 312 respondents, 257 answered that without this distribution, they “would not have purchased” (42.9%) or “would have hesitated” (39.4%). This suggests that the distribution of “Adult New Year’s Money” as surplus funds served as an encouragement for many employees to purchase or experience “things they had been considering.”

② [“Dining experiences” and “QOL-enhancing appliances” ranked highest, emphasizing quality of experience and life fulfillment]
In the ranking by purchase/experience category, first place went to “dining experiences and gourmet food” (approximately 28%), which involves spending special time with family and friends, and second place went to “QOL-enhancing appliances and interior items” (approximately 22%) that enrich daily life, revealing a tendency to prioritize quality of experience and life fulfillment.

③ [Economic impact expansion through “upgrade consumption”]
“Upgrade consumption,” in which employees not only spent the entire 32,000 yen distributed but also added their own funds for “travel upgrades” or “high-value self-improvement,” was observed in approximately 30% of all respondents.

④ [Shift in awareness from savings to “circulation” through “personalizing the economy”]
In response to the question “Did this provide an opportunity to think about spending money and the economy?” approximately 95% answered “yes” (42.8%) or “somewhat” (48.2%). In free-response comments, the overwhelming majority expressed sentiments such as “I used to think of consumption as ‘an act that reduces my assets,’ but through this initiative, my perspective changed to viewing it as ‘an act that creates economic circulation.'”

⑤ [Decision-making power brought by “limited time”]
Based on responses from multiple employees regarding their reasons for using the New Year’s money, the two-week usage period became an important element in bringing to the surface “consumption that had been postponed” in daily life.

For details, please see the PDF.