Luxury Goods

Japan is the world’s third largest economy and its consumers are renowned for their strong desire for excellent-quality, precision products. There is therefore no surprise that demand for luxury goods has traditionally been high in Japan, stifled only by economic crises. Now, after 20 years of fluctuating trends during Japan’s bubble economy and the subsequent global financial crisis, confidence is finally being restored by the economic and structural reforms undertaken by the current government, and consumer spending is increasing. Find out more about Japan's luxury goods sector below.

About Luxury Goods

The Japanese luxury market is one of the fastest growing in all of Asia. Increased interest in luxury goods by millennials and GenZ are boosting the industry. Not only prestigious foreign brands are on the rise, but local luxury goods are also in high demand.

Japan is the third largest market in the world for cosmetics and personal care products. Even though the global pandemic resulted in a significant drop in consumer traffic and inbound tourism, the domestic market continues to grow.

Jewellery

Japan is the second largest jewellery market in the world, despite this fact the industry has remained flat over the past few years, and in the long term it is shrinking. This can be attributed to the decline in inbound demand from foreign visitors to Japan as well as the decline of domestic consumers and the tendency to marry later in life.

Luxury Goods

EU-Japan Centre for Industrial Cooperation