Luxury goods in Japan - statistics & facts
Japan was once the second-largest luxury goods market worldwide but was overthrown by the booming Chinese market in 2015. Japanese consumers are brand-aware and relatively wealthy, but consumer confidence has not recovered from previous economic crises. Even though the country boasts the second-highest number of millionaires in the Asia-Pacific region, fears of financial insecurity hinder widespread luxury consumption. Demand for items like prestige brand fashion and jewelry has shrunk drastically following the burst of the economic bubble in the ’90s and the resulting economic slowdown. While most market segments have returned to a growth trajectory, brands must attract new consumer groups to achieve sustainable growth in an aging society.
