More time necessary for “Premium Friday” to become part of life

February 24, 2018

Tokyo- One year since its introduction, "Premium Friday," a nationwide consumption-boosting campaign on the last Friday of each month, has become a name with a familiar ring for many people.

But not many people actually leave work early and enjoy entertainment or shopping as encouraged by the campaign. According to the Ministry of Economy, Trade and Industry, the share of people who did leave work early averaged 11.2 percent on the first 12 Premium Fridays.

With the campaign not permeating areas outside big cities or smaller businesses, more time may be needed before the drive becomes part of people's lives across the country.

A public-private promotion committee for the campaign celebrated the first anniversary on Friday by offering free admission to an exhibition at the National Art Center, Tokyo, for the day.

At a commemorative ceremony at the museum, Kunio Ishizuka, vice chairman of the Japan Business Federation, or Keidanren, said that the major business lobby intends to promote the campaign more strongly in the second year so that it will be more established among people.

Businesses are continuing their efforts to attract demand as part of the drive.

Restaurant chain Kushikatsu Tanaka Co. offers discounts on Premium Fridays, selling deep-fried foods on skewers for 100 yen per stick.

An official of the company said its campaign "has led to higher sales." The company will continue the effort, the official said.

Suntory Beer Ltd. has started a campaign to allow people who buy the Premium Malt's beer to rent a DVD free of charge every Friday.

Tourism-related companies have created websites dedicated to Premium Friday. But an official of travel agency JTB Corp. said there has been little growth in reservations on Premium Fridays since last autumn.

Department stores hold related events, too. An official of the Japan Department Stores Association said the nationwide campaign has not spurred consumption as much as the industry expected.

Many Premium Friday events are held in Tokyo, while the situation is different elsewhere.

Ado Yamamoto, chairman of Nagoya Railroad Co. <9048>, based in the central Japan city of Nagoya, said of the campaign, "It's like, 'Are they still doing it?'"

Toshihiro Nagahama, economist at the Dai-ichi Life Research Institute, said Premium Friday is "a good initiative" because it does not rely on government spending.

"I guess more people will leave work early if it does not have to be the last Friday of the month, when people tend to have a lot of work to do," Nagahama said.

Economy, Trade and Industry Minister Hiroshige Seko told a press conference Friday that the campaign is going smoothly considering that it is only one year old.

He expressed hope that the campaign will spread more to small companies and areas outside Tokyo. The government will continue to support the campaign, he said. Jiji Press