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From 斜陽(shayō, “decline”, literally “setting sun”) + 族(zoku, “group of people”). Popularized after publication of the novel Shayō (The Setting Sun) by Osamu Dazai in 1947 (see quotation below).
2009 March 29, nazegaku, “Ichi-oku sō shayōzoku jidai ”, in OLDIES San-chō me no blog:
一昔前まで「一億中流階級」と言われて-いた日本の庶民階級は、「一億総斜陽族」化しつつある。
Hitomukashi mae made “ichioku chūryūkaikyū” to iwarete-ita Nihon no shomin kaikyū wa, “ichioku sō shayōzoku” kashi tsutsuaru.
Japan’s common people, who were long called the ‘hundred-million middle class’ are in the process of becoming ‘one hundred million impoverished aristocrats’.
Iwayuru shayōzoku no shikashi, koko de watashi ga hito koto dake itte-okitai koto wa, “Shayō” to iu shōsetsu kara shayōzoku to iu mondai sei ga imi o motte-kuru yō ni kangaeru no dearu.
Regarding the so-called decline of elites, the only thing I want to say here is that the problem gets the name shayōzoku from the novel Shayō.