LUXURY SHOPPING IN JAPAN: TOKYO MAGIC
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moderate growth of luxury goods despite the economic difficulties.
Economic recovery and progress with reflation somewhat stagnated in 2016. Despite the improvement in the labor market, a strong yen and weak economy in China remained strong constraints on exporters In addition, real GDP increased less than 1 in 2016, continuing a trend probably for the rest of the decade, however, consumer confidence reached a higher than expected level in December 2016, with consumer perception improving in most major markers economic regarding the luxury goods market growth was moderate in 2016 due to a small niche of wealthy individuals as well as tourists visiting the country.
Growth is increasingly driven by older affluent consumers and tourists.
In 2016 manufacturers and retailers continue their efforts to better target specific groups of consumers, for example, given the importance of the tourists in this market, many shops and stores have improved their procurement processing systems without VAT The industry players also come to older consumers as a group of consumers becoming increasingly important for their products, many of which have benefited from the boom years and generally have high levels of savings as such, they more efforts to appeal to these consumers by engaging in various strategies, including sales to the remodeling of retail space and expanding their product and service lines to meet this specific request Large stores are destinations the popular for seniors affluent consumers when buying luxury goods in Japan and ca nal has been particularly active in implementing various measures to specifically target older consumers.
The luxury goods market in Japan is highly fragmented with the top ten companies representing only a third of the sales value of the luxury brands market the most successful have their own shops through which they sell only their own brands and distribution limited key businesses include Louis Vuitton, Cie Financi re Richemont, Herm Japan and Rolex, that are present in a number of categories, including designer clothes and shoes ready to wear, luxury leather goods and expensive jewelry, except for Louis Vuitton, which experienced a slight decrease of its share in 2015 over the previous year, most of the other big players have slightly increased their market share during year.
Non-food specialists continues to dominate the distribution of luxury goods.
non-food specialists continued to represent the majority of luxury goods sales in Japan, with shops being the most popular places for luxury goods consumers While the luxury market has a high risk, given the small consumer base for these products, entrepreneurs seize opportunities by answering consumers seeking exclusive Yet the luxury market should be limited to exclusive specialty stores over the forecast period, however, the distribution of Internet has grown further increase its share in 2016 as consumers became increasingly attracted to this channel for its lower prices and convenience Many consumers can not afford to buy luxury brands when available on a reduction, as during selling periods, so that Internet prices are often lower than those gener alement available in stores.
Super premium beauty and personal care set for strong growth.
The market for Japanese luxury goods is expected to moderate growth in sales value in 2016 constant prices over the forecast period, however, categories like beauty super premium and personal care, will experience a much more positive performance, as consumers will be ready to splash on these luxuries affordable international luxury brands in this category are also likely to continue to position Japan as a major market during the forecast period given the higher ratio of sales generated in Japan in their overall business portfolios as such, they should strengthen more and more their strategies for marketing and distribution in Japan.
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Luxury goods in Japan market research report includes.
Detailed segmentation of international and local products.
Historic volumes and values, company and brand market shares.
five-year forecasts of market trends and market growth.
research methodology sound and transparent market, conducted in the country.
Our market research reports answer questions such as.
What is the rate of growth in Internet sales of luxury goods.
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