Apparently, famously spendthrift Japanese consumers are dropping the spend and just going thrift.

Due to the recession, discount retailers in Japan are reporting increased revenues, while other stores are suffering major declines, as reported by The New York Times.

Japan's Seiyu, owned by Walmart, is expected to finally turn a profit after seven years and second hand clothing stores are proliferating all over the country, while sales at LVMH (Louis Vuitton) have dropped 20 percent, says the paper.

Wonder what this means for Opening Ceremony, which just opened an eight-level department store in Tokyo's Shibuya district.

This isn't the only bad news Louis Vuitton has faced recently -- they're also accused of stealing a shoe design!