“Oshikatsu” Consumption Grows in Japan, Buoying Related Stocks

Tokyo, Sept. 27 (Jiji Press)–Shrugging off inflation, consumption linked to “oshikatsu,” or activities that support “oshi,” or favorite characters and celebrities, is growing in Japan, while boosting related stocks. According to research company Intage Inc., 35.1 pct of the 5,000 people surveyed said they support certain characters or celebrities, and this proportion was higher among younger respondents. Rina Oshimo, a senior strategist at Okasan Securities Co., said that oshikatsu-linked consumption has increased as video streaming and social media have grown in popularity and people have spent more time at home amid the COVID-19 pandemic since 2020. According to Oshimo, as people can now interact with each other through social media in oshikatsu, they are increasingly engaging in “indirect oshikatsu,” such as buying the same items as their oshi, in addition to “direct oshikatsu,” such as going to their oshi’s concerts. In Intage’s survey, over half of the respondents said that their oshikatsu-linked consumption is not affected by inflation and the yen’s weakening, while many voiced worries about the rising prices of everyday items. “No one will quit as a fan because of higher prices,” said Oshimo. “On the contrary, people are focusing on oshikatsu as a source of comfort amid their difficult lives.” Kohei Okazaki, chief market economist at Nomura Securities Co., pointed out that oshikatsu is resistant to inflation. “Oshikatsu-related consumption is expanding due to consumers’ desire to give support, regardless of cost,” Okazaki noted. Amid the oshikatsu boom, companies attracting investor attention include apparel retailer Shimamura Co., which is focusing on sales of products featuring popular characters and those developed in collaboration with influencers. This year, Shimamura’s stock reached a new all-time high for the first time in over 25 years. “Investing in oshikatsu could lead to higher brand favorability and the acquisition of new customers,” Oshimo said. Stocks of companies that own character-related intellectual property are also being purchased. Among Sanrio Co.’s characters, Hello Kitty celebrated its 50th anniversary in 2024, while My Melody and Kuromi reached their 50th and 20th anniversaries this year, respectively. Sales of anniversary goods boosted Sanrio’s earnings and trading in its stock. Bandai Namco Holdings Inc. posted revenue and profit growth for April-June this year, thanks to strong sales of products linked to the popular robot anime series “Mobile Suit Gundam.” Its stock soared early this year and has since remained high. The company is running a pavilion at the 2025 World Exposition in Osaka, which concludes early next month. “The Expo is serving as an opportunity to promote oshikatsu, as children, their fathers and grandfathers can all enjoy the same work,” Oshimo said. Nomura Securities’ Okazaki predicted that oshikatsu-linked consumption will expand further, noting that, while the oshikatsu boom is driven by young people, wages are increasing for those in their 20s to 30s. “The amount of money that younger generations can use for their own enjoyment is increasing,” he said. The economist also mentioned “expanding oshikatsu channels,” such as watching oshi’s livestreams and buying oshi-recommended products. “There is still room for growth (in the oshikatsu market),” he added. Okasan Securities’ Oshimo said that oshikatsu-related stocks are not limited to the intellectual property and retail sectors but can expand into other sectors, such as dining and leisure. “It’s only a matter of whether a company will collaborate (with characters and celebrities), so the growth of oshikatsu-linked consumption is still in an early stage,” Oshimo said. END [Copyright The Jiji Press, Ltd.]