Japanese men cut spending on drinking to the lowest level in at least 14 years as household allowances remained at about half of what they were during the heyday of the bubble economy.
Spending on alcohol fell to ¥2,860 per drinking session this year, the lowest since the survey started asking the question in 1999, according to a report by Shinsei Financial Co. released Thursday. Japanese wives typically manage their husbands' earnings.
The outlook for the men is not bright as the wives will likely tighten their purse strings ahead of higher taxes, according to economist Hiroshi Miyazaki, who said men's pocket money is the first expense to be cut and the last to be raised. A bill to double the 5 percent sales tax by 2015 cleared the Lower House this week.