SBNR Economy — research
Research

Japan's SBNR Economy: 43% and Rising

A major 2024 study by Hakuhodo reveals that 43% of Japanese people identify as SBNR — Spiritual But Not Religious. Among those in their twenties, the figure reaches 87%. What does this mean for business, culture, and the future of human connection?

The Numbers: Japan as Natural SBNR Nation

In a comprehensive 2024 survey (n = 4,225), Hakuhodo's Strategic Planning Group and SIGNING found that 43% of Japanese respondents fall into the SBNR category — people who value spiritual depth but don't belong to organized religion. This is not a fringe movement. It's nearly half the country.

The generational breakdown is even more striking. Among those in their twenties, 87% identify as SBNR. This is not a trend — it is a tectonic cultural shift that will define the next century of Japanese society.

Age GroupSBNR Rate
Overall (Japan)43%
Age 20s87%
Age 30s69%
Age 40s40%
Age 50s46%

Source: Hakuhodo Strategic Planning Group × SIGNING (2024). 'SBNR Economy.' Sendenkaigi.

SBNR income gap

SBNR households earn an average of ¥721,000 more per year than non-SBNR households. The gender ratio is 57% male to 43% female — overturning the assumption that spiritual seeking is a 'women's thing.' These are affluent, autonomous, meaning-seeking consumers.

Science without religion is lame, religion without science is blind.

Albert Einstein

From Things to Experiences to Spirit

Hakuhodo's analysis identifies a three-phase evolution in Japanese consumption: from Mono (things, 1960s–) to Koto (experiences, 1990s–) to Shin (spirit/heart, 2020s–). The third phase is not a rejection of the first two — it encompasses them. People still want beautiful objects and rich experiences, but they want them to mean something deeper.

1960s–

Mono (Things)

Post-war material abundance. Happiness measured by possessions.

1990s–

Koto (Experiences)

The experience economy. Travel, dining, events. Happiness measured by memories.

2020s–

Shin (Spirit / Heart)

Inner peace, meaning, spiritual fulfillment. Happiness measured by depth of being.

What SBNR People Actually Do

This is not abstract philosophy. SBNR people practice. They move their bodies, quiet their minds, clean up their diets, and write in journals. The 'gap' column shows how much more likely SBNR people are to engage in each activity compared to non-SBNR respondents.

#ActivityRateGap
1Yoga / stretching73.7%+7.6pt
2Half-body bathing45.6%+6.9pt
3Meditation42.6%+6.7pt
4Hiking / camping23.9%+6.3pt
5Improving sleep27.0%+5.3pt
6Adequate rest80.6%+12.2pt
7Improving constitution69.4%+8.6pt
8Dietary review62.7%+8.3pt
9Journaling / recording43.0%+7.9pt
10Balanced eating50.2%+13.5pt

Source: Hakuhodo SPLG × SIGNING (2024). Gap = difference from non-SBNR respondents in percentage points.

The Gradient Model: Why Japan Is Different

Hakuhodo's most penetrating insight may be their distinction between the Western 'contrast model' and the Japanese 'gradient model' of religious consciousness.

In the West, religiosity is binary — you believe or you don't. You attend church or you don't. The categories are sharp. In Japan, boundaries dissolve. A person visits a Shinto shrine on New Year's, holds a Buddhist funeral, celebrates Christmas, and consults a fortune-teller — all without contradiction. This is not confusion. It is a fundamentally different architecture of spiritual consciousness.

Key Insight

Japan's 'ambiguity' in matters of faith has long been criticized as shallow or confused. Seen through the SBNR lens, this ambiguity is not a weakness — it is an asset. It represents a natural capacity to hold multiple spiritual traditions simultaneously, prioritizing lived experience over doctrine. Japan didn't need to 'become' SBNR. It always was.

Elevate your mind, expand your business.

Kazuo Inamori

The Rare Bridge: Spirit and Scale

Here is the paradox that Hakuhodo's analysis touches but doesn't resolve: the spiritual world and the business world remain fundamentally disconnected. Spiritual charismatics rarely build hundred-billion-yen enterprises. Business titans rarely speak of the soul. The two worlds acknowledge each other from a distance but seldom truly integrate.

Yet Japan has produced remarkable exceptions — leaders who operated at the highest levels of both spiritual depth and commercial achievement. Their existence proves that the integration is not only possible but extraordinarily powerful.

Konosuke Matsushita

1894–1989

Panasonic (Matsushita Electric)

Founded Panasonic from a two-room house. Built a $70B+ empire while maintaining that business is a sacred calling. His philosophy: 'The mission of a manufacturer is to overcome poverty by producing goods as plentiful and inexpensive as water.' He attributed his success to spiritual intuition and 'sunao' (素直) — a pure, unfiltered way of seeing reality.

Matsushita had a deep bond with Tsubaki Grand Shrine (椿大神社) in Suzuka, Mie — one of Japan's oldest shrines and the head shrine of all 2,000 Sarutahiko shrines nationwide, dedicated to the deity of 'opening the way.' In 1976, he donated the tea house Suzushō-an (鈴松庵) — named by combining 'Suzu' from Suzuka and 'Matsu' from Matsushita — and personally visited monthly for tea ceremony practice with shrine staff. After his death, the shrine honored him with his own sub-shrine: Matsushita Kōnosuke-sha (松下幸之助社), established in 1998. A mortal enshrined alongside the gods — testament to the depth of his spiritual bond.

The tap-water philosophy — make goods as abundant as water.

Kazuo Inamori

1932–2022

Kyocera / KDDI / JAL Turnaround

Founded Kyocera, co-founded KDDI, rescued JAL from bankruptcy. Ordained as a Buddhist monk at 65 while leading three major corporations. His 'Amoeba Management' integrates spiritual philosophy with micro-unit accounting. Revenue across his ventures exceeded ¥10 trillion. He proved that spiritual depth and business scale are not opposites — they amplify each other.

Inamori was ordained as a Rinzai Zen Buddhist monk at Enpuku-ji temple in Kyoto at age 65 — just after cancer surgery — taking the dharma name Daiwa (大和). He practiced winter takuhatsu (begging rounds) and fused Zen self-discipline with Pure Land gratitude. In 2014, he received the Goi Peace Award, named after Masahisa Goi (五井昌久), founder of the 'May Peace Prevail on Earth' movement. His 'Six Endeavors' — tireless effort, humility, daily reflection, gratitude, altruism, and emotional equanimity — were not management theory but monastic discipline applied to business.

Elevate your mind, expand your business.

The missing bridge

Most people in the SBNR space fall into one of two camps: evidence-based rationalists who dismiss anything non-material, or spiritual enthusiasts who dismiss anything scientific. The leaders above — and the SBNR movement at its best — refuse this false dichotomy. They demonstrate that rigorous thinking and spiritual depth are not opposites. They are complementary forces.

The Sacred Infrastructure of Japanese Business

The spiritual connections of Japan's great business leaders were not private eccentricities. They were part of a broader infrastructure — a centuries-old network of sacred sites, rituals, and relationships that quietly supported Japan's commercial culture.

The Mitsui Family — Centuries of Ritual

The Mitsui zaibatsu — one of Japan's oldest and most powerful business dynasties — designated Mimeguri Shrine (三囲神社) in Sumida, Tokyo as their guardian shrine during the Kyōhō era (1716–1736). The character 囲 (enclosure) contains 井 (well) — the same character in Mitsui (三井). The Mitsui Group still holds ceremonies four times a year (January, May, October, plus a grand festival in April), organized by the Mimeguri-kai comprising executives from all Mitsui companies. The shrine's Kamana Reisha (鎌名霊社) enshrines over 120 successive heads of the Mitsui family's eleven houses. This was not superstition — it was governance architecture sustained across three centuries.

Koma Shrine — The 'Promotion Shrine' of Saitama

Koma Shrine in Hidaka, Saitama, enshrines Jakko (若光), a prince of the ancient Korean kingdom of Goguryeo who led 1,799 settlers to develop the Koma District of Musashi Province in 716 CE. His rise from immigrant pioneer to regional leader became the archetype of 'career ascension.' Six visitors to the shrine went on to become Prime Ministers: Saitō Makoto, Wakatsuki Reijirō, Hamaguchi Osachi, Hiranuma Kiichirō, Koiso Kuniaki, and Hatoyama Ichirō. Even members of the Imperial family have visited. The shrine represents a uniquely Japanese phenomenon: sacred sites whose efficacy is measured in worldly results.

What was lost

These traditions have faded. Today's business leaders rarely speak of shrine visits, sacred bonds, or spiritual disciplines as part of their management philosophy. The infrastructure that once connected Japan's commercial and spiritual worlds has quietly eroded — not destroyed, but neglected. The shrines still stand. The rituals still exist. But the living connection between boardroom and sanctuary has grown thin. This is precisely the gap that the SBNR movement has the potential to address — not by recreating the old forms, but by building new bridges between the material and the sacred.

What Business Schools Don't Teach

This is not a Japanese phenomenon. Across the world, some of the most consequential business leaders of the past century maintained deep spiritual practices. But something strange happens when their stories enter MBA curricula: the spiritual dimension is surgically removed. Business schools teach Ford's assembly line but not his belief in reincarnation. They teach Jobs's product philosophy but not his 17 years of Zen practice. They teach Inamori's Amoeba Management but not his monastic discipline. The method is extracted; the root is discarded.

Steve Jobs

Apple

Zen Buddhism

Studied under Zen master Kobun Chino Otogawa for 17 years. Re-read Shunryu Suzuki's 'Zen Mind, Beginner's Mind' throughout his life. Otogawa officiated his wedding. The minimalist aesthetic that defined Apple — and an entire era of technology — was rooted in Zen.

Henry Ford

Ford Motor Company

Reincarnation

Believed in reincarnation from age 26. In a 1928 interview with the San Francisco Examiner, he stated: 'Genius is experience. Some seem to think it is a gift or talent, but it is the fruit of long experience in many lives.' He said the belief freed him from being 'a slave of the clock.'

Ray Dalio

Bridgewater Associates

Transcendental Meditation

Has practiced TM twice daily since 1969 — before founding the world's largest hedge fund. Calls meditation 'the single most important reason for whatever success I've had.' Twenty minutes, twice a day, with a mantra. For over fifty years.

Marc Benioff

Salesforce

Mindfulness

Installed 'Mindfulness Zones' on every floor of Salesforce Tower — no phones, no talking, just presence. Began meditating during his Oracle years. Built a $200B+ company with meditation rooms in every office.

Jack Dorsey

Twitter / Block

Vipassana

Completed a 10-day silent Vipassana retreat in Myanmar for his birthday. Maintains a daily 2-hour meditation practice. No speaking, no reading, no writing, no eye contact — for ten days. Then back to running two public companies.

Quote

Every one of these leaders attributed their success — in their own words — to spiritual practice. Not to strategy. Not to market timing. Not to operational excellence. To meditation, to faith, to disciplines that cannot be measured, replicated, or taught in a case study. Business education systematically strips away the very thing these leaders say mattered most. The question is: what are we losing?

Japan's Hidden Assets: Spiritual Heritage Reframed

Japan possesses an enormous repository of spiritual practices that the world is only beginning to discover. The challenge — and the opportunity — lies in reframing these traditions for a global audience without diluting their depth.

TraditionalSBNR Reframe
PilgrimageNature walking / trail meditation
ZazenMindfulness meditation
Prayer / worshipSpiritual tourism
Shojin ryoriPlant-based / conscious eating
BushidoPhilosophy / leadership ethics
MisogiCold immersion / ice baths

Adapted from analysis in 'SBNR Economy' (Hakuhodo, 2024). MEGURI's interpretation.

The tap-water philosophy — make goods as abundant as water.

Konosuke Matsushita

What This Means: The Seamless Bridge

Hakuhodo's work is valuable as industry analysis. They have quantified something that many people felt but couldn't articulate: that Japan is, and has always been, a deeply spiritual nation — just not a conventionally religious one.

But analysis is not enough. Categorizing the phenomenon — mapping the four domains, charting the demographics, measuring the market — is necessary groundwork, but it stops at the boundary. It glimpses the connection between the material and the spiritual but cannot cross it.

The real work is making that connection seamless. Not categorizing spiritual experience, but living it. Not marketing mindfulness, but practicing it until the boundary between the sacred and the everyday dissolves entirely — like water returning to water.

MEGURI's Position

We take Hakuhodo's analysis seriously — the data is invaluable. But MEGURI is not an analytics firm. We are practitioners. Where Hakuhodo maps the territory, we walk it. Where they identify the gap between science and spirit, we build the bridge. Where they categorize seekers, we create paths for seeking.

Sources

  1. 博報堂ストラテジックプラニング局 + SIGNING (2024). 『SBNRエコノミー——「心の豊かさ」の探求から生まれる新たなマーケット』宣伝会議.
  2. Pew Research Center (2023). 'Spirituality Among Americans.'
  3. Global Wellness Institute (2024). 'Global Wellness Economy Monitor.'
  4. Fuller, R. C. (2001). 'Spiritual But Not Religious.' Oxford University Press.
  5. 松下幸之助 (1978). 『実践経営哲学』PHP研究所.
  6. 稲盛和夫 (2004). 『生き方——人間として一番大切なこと』サンマーク出版.

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